The real estate market in Atlanta shows few signs of slowing down, with one home recently receiving 155 offers—with 19 of them $150,000 over the asking price. As one local real estate expert interviewed by 11 Alive in Atlanta explained, suburban areas south of Atlanta or along the I-20 corridor currently offer more house for the money.
Over the past year, home values in Atlanta grew by more than 18%, while median rents on 3-bedroom homes have reached a high of $2,098 per month. Rising home prices and a strong demand for rental property in metropolitan Atlanta are 2 reasons why 50% of the households are occupied by renters.
If you’ve been thinking about investing in rental property in Atlanta, now could be the ideal time. Here are 15 neighborhoods in and around Atlanta that may be worth a closer look.
Key takeaways
- Atlanta is home to nearly 500,000 people in the city and over 6 million in the metropolitan area.
- Metropolitan Atlanta is made up of 29 counties, including Fulton, Gwinnett, and DeKalb.
- Three areas of Atlanta where more than 50% of residents rent their homes are Midtown, Pine Hills, and Old Fourth Ward.
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Why invest in Atlanta?
Since 2010, the population of metropolitan Atlanta grew by 15%, and it’s the third fastest-growing major metro area in the country.
As the Atlanta Regional Commission reported in 2021, the biggest driver of population growth in Atlanta is jobs, creating more demand for housing in the metro area than there is supply. In fact, according to Invest Atlanta, the city created or retained 10,375 jobs and received $1.34 billion in new capital investment in 2021 alone.
An influx of new residents and businesses to the metropolitan area are helping to drive the demand for housing in Atlanta. Zillow reports the typical value of a middle-price-tier home in Atlanta increased by 18.2% over the past year (through Jan 2022), while monthly rents for 3-bedroom homes have grown by 8% year over year, according to Zumper (as of Mar 2022).
15 great areas in Atlanta for investment properties
There are over 200 neighborhoods in Atlanta, each with its own unique characteristics and charm, and many can feel like small cities within themselves. Some neighborhoods near downtown were developed as suburbs connected by streetcars, while, further from the city center, suburban single-family neighborhoods have a more rural feel.
The Atlanta real estate market is balanced for the time being, according to Realtor.com, which means the supply and demand for homes is about the same. Homes on average are going under contract 60 days after being listed for sale and selling for approximately the asking price.
Half of the households in Atlanta are occupied by renters, but, in a city this widespread, it can be difficult to know where to begin to look for rental property. To make the search a little easier, here are 15 neighborhoods in and around Atlanta in which to consider buying investment property, using data from Redfin, Realtor.com, and Niche.com.
Midtown
The Midtown neighborhood in Atlanta is located north of downtown, near the Atlanta Botanical Garden and the Georgia Institute of Technology. Midtown has a dense urban feel, and more than half of the residents rent their homes:
- Population: 26,009
- Median sale price: $350,000
- Change in sales price (year over year): 6.9%
- Days on market: 38
- Median rent: $1,555
- Renter-occupied households: 57%
- Median household income: $99,662
- ZIP code: 30309
North Buckhead
North Buckhead is an Atlanta suburb about 30 minutes north of the city, near Buckhead Village and Pine Hills. The neighborhood has an urban feel, a lot of restaurants and coffee shops, and a large percentage of renters:
- Population: 13,973
- Median sale price: $463,000
- Change in sales price (year over year): -0.43%
- Days on market: 71
- Median rent: $1,492
- Renter-occupied households: 42%
- Median household income: $139,911
- ZIP code: 30342
Pine Hills
Located northeast of Atlanta, suburban Pine Hills is bordered by I-85 and the T. Harvey Mathis Parkway. Pine Hills has an urban feel, and more than half of residents rent their homes:
- Population: 15,516
- Median sale price: $298,500
- Change in sales price (year over year): 20.4%
- Days on market: 35
- Median rent: $1,424
- Renter-occupied households: 55%
- Median household income: $88,431
- ZIP codes: 30324, 30329
Old Fourth Ward
Old Fourth Ward is located a few blocks from downtown Atlanta and Peachtree Center, south of the Atlanta Botanical Garden. The neighborhood has a dense urban feel and a lot of bars and restaurants, and nearly 3 in 4 residents rent their homes:
- Population: 19,434
- Median sale price: $393,750
- Change in sales price (year over year): 21.7%
- Days on market: 40
- Median rent: $1,393
- Renter-occupied households: 73%
- Median household income: $62,923
- ZIP codes: 30308, 30312
East Atlanta
East Atlanta has a sparse suburban feel and is located along I-20, a few minutes east of downtown Atlanta. The neighborhood has a lot of bars, restaurants, and coffee shops and receives an overall “A”’ grade from Niche.com:
- Population: 11,658
- Median sale price: $462,500
- Change in sales price (year over year): 13.4%
- Days on market: 27
- Median rent: $1,263
- Renter-occupied households: 29%
- Median household income: $81,029
- ZIP code: 30316
Brookwood Hills
Brookwood Hills is located near the intersection of I-85 and I-75, north of Midtown, near the Piedmont Atlanta Hospital. Brookwood Hills has a dense urban feel, and more people rent their homes than own:
- Population: 3,344
- Median sale price: $532,500
- Change in sales price (year over year): -5.3%
- Days on market: 87
- Median rent: $1,127
- Renter-occupied households: 61%
- Median household income: $90,031
- ZIP code: 30324
Peachtree Hills
Peachtree Hills in suburban Atlanta is located about 20 minutes north of downtown, near Piedmont Atlanta Hospital and the Museum of Contemporary Art. Peachtree Hills has an urban feel, and more than half of the residents rent their homes:
- Population: 3,555
- Median sale price: $489,900
- Change in sales price (year over year): -1.0%
- Days on market: 24
- Median rent: $1,185
- Renter-occupied households: 54%
- Median household income: $99,396
- ZIP code: 30305
Lindbergh/Morosgo
Lindbergh/Morosgo is located next to Peachtree Hills, near the intersection of I-85 and the T. Harvey Mathis Parkway. The suburb has a dense urban feel, and the majority of residents rent their homes:
- Population: 6,682
- Median sale price: $357,450
- Change in sales price (year over year): 43.6%
- Days on market: 35
- Median rent: $1,502
- Renter-occupied households: 86%
- Median household income: $69,561
- ZIP code: 30324
Piedmont Heights
Piedmont Heights is located just south of Brookwood Hills, near the Atlanta Botanical Garden. The area has an urban feel, and most residents rent their homes:
- Population: 4,534
- Median sale price: $649,500
- Change in sales price (year over year): 11.7%
- Days on market: 41
- Median rent: $1,515
- Renter-occupied households: 68%
- Median household income: $86,205
- ZIP code: 30324
Colonial Homes
Colonial Homes is located near Peachtree Hills and is home to the Piedmont Atlanta Hospital. This tiny suburb north of downtown Atlanta has a dense urban feel, and more than half of the residents rent their homes:
- Population: 1,997
- Median sale price: $400,000
- Change in sales price (year over year): 11.0%
- Days on market: 87
- Median rent: $1,168
- Renter-occupied households: 52%
- Median household income: $76,592
- ZIP code: 30309
Lilburn
Located about 40 minutes east of Atlanta, the small town of Lilburn has a dense suburban feel. Niche.com ranks it as one of the best suburbs of Atlanta:
- Population: 12,644
- Median sale price: $362,500
- Change in sales price (year over year): 25.0%
- Days on market: 20
- Median rent: $1,089
- Renter-occupied households: 38%
- Median household income: $58,151
- ZIP code: 30047
Duluth
Suburban Duluth is located about an hour northeast of Atlanta, on the way to Lake Lanier. Duluth has a dense suburban feel, and nearly half of the residents rent their homes:
- Population: 29,370
- Median sale price: $450,000
- Change in sales price (year over year): 27.8%
- Days on market: 16
- Median rent: $1,366
- Renter-occupied households: 45%
- Median household income: $71,220
- ZIP codes: 30026, 30029, 30095
Lawrenceville
Lawrenceville is another suburb of Atlanta where more than half of the households are occupied by renters. The town is northeast of the city, near Northside Hospital Gwinnett:
- Population: 29,719
- Median sale price: $346,000
- Change in sales price (year over year): 27.4%
- Days on market: 14
- Median rent: $1,027
- Renter-occupied households: 51%
- Median household income: $52,585
- ZIP codes: 30043, 30046, 30049
Scottdale
Scottdale is about a 30-minute drive northeast of Atlanta, near the Emory Decatur Hospital, the Atlanta VA Medical Center, and the Kaiser Permanente Crescent Medical Center. The suburb has a urban-suburban feel, and most residents rent their homes:
- Population: 11,568
- Median sale price: $357,000
- Change in sales price (year over year): 0.9%
- Days on market: 20
- Median rent: $1,123
- Renter-occupied households: 64%
- Median household income: $56,832
- ZIP codes: 30002, 30030, 30079
Peachtree Corners
Peachtree Corners is located along I-85 near the town of Duluth, northeast of Atlanta. The town has a dense suburban feel with a lot of restaurants and coffee shops and a large percentage of renters:
- Population: 43,057
- Median sale price: $399,783
- Change in sales price (year over year): 10.3%
- Days on market: 14
- Median rent: $1,179
- Renter-occupied households: 46%
- Median household income: $71,149
- ZIP codes: 30071, 30096, 30360
>>Explore Roofstock's Atlanta investment properties.
