HOUSINGNEWS REPORT
SPOTLIGHT: ATLANTA
ATLANTA HOME PRICE APPRECIATION MODERATING ANNUAL PCT CHANGE MEDIAN HOME PRICE
$250,000
50%
Georgia is booming because we’re a second Hollywood. We’ve opened so many movie studios here.”
40%
$200,000
30%
20%
$150,000
10%
$100,000
0%
NORM ITSKOV VICI REAL ESTATE, SUWANEE, GEORGIA
-10%
$50,000
-20%
-30%
$0
In its latest economic update, the J. Mack Robinson College of Business at Georgia State University is forecasting that the Atlanta metro will gain 65,500 jobs during calendar year 2017 (17,400 of them classified as “premium jobs”). The Bureau of Labor Statistics reported a 0.3 percent decline in the Atlanta metro area’s unemployment rate to 4.8 percent for June 2017 — holding steady at 4.8 percent in July 2017. “One of the things I emphasize is don’t be blinded by the number of jobs being created. Look at the quality of the jobs,” cautioned Dhawan, who added that rents in the metro area are increasing but are still reasonable compared to other areas of the country, which is another good variable for investors to factor in. “For a young person getting a job at $40,000 to $60,000 a year, they can nicely afford an apartment.”
percent of average wages across 17 Atlanta-area counties analyzed in the ATTOM Data Solutions 2017 Rental Affordability Report. That’s about on par with the national average of 39 percent, but buying is still more affordable than renting in 14 of the 17 counties analyzed. Commerce reports that the metro is home to 26 companies among the 2017 Fortune 1000, 15 of which are also listed in the 2017 Fortune 500. They include companies such as NCR Corporation, The Home Depot, Delta Airlines, The Coca-Cola Company and United Parcel Service. “That’s another reason why people are looking for properties here,” said Realtor Norm Itskov with VICI Real Estate in Suwanee. “Also, Georgia is booming because we’re a second Hollywood. We’ve opened so many movie studios here.” A Second Hollywood The Metro Atlanta Chamber of
According to the annual study conducted by FilmL.A. for 2016 production, Georgia had the most feature films shot on location at 17 followed by the United Kingdom (16), Canada (13), California (12) and Louisiana (6). It’s another avenue of potential job growth for the metro area as a whole. Although Crystal Canaday believes Atlanta is a great place for investors, she is well aware of how tough the competition is for existing properties. It requires some out-of-the-box creativity. “If you’re an investor you have to find a property that is not on the market. The values are going up like crazy,” said the sales associate for RE/MAX Around Atlanta Realty in Alpharetta. Competition Spurs Creative Investing Strategies
And that is exactly what investor Peter Vekselman has been doing for the
Fair market rent for a three-bedroom property requires an average of 40
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JULY 2017 | ATTOM DATA SOLUTIONS
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