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Is Atlanta a Renter’s Market?

by Chip Bell

Population dynamics are changing all over the nation and you might be surprised to see which major metropolitan areas are on the rise and which are struggling.

Quite frankly, the rapidity with which many major American metros are gaining population is startling. According to recently released U.S. Census data, an impressive 40 percent of U.S. metro areas – of which there are 383 – have posted population increases, considering both domestic and international migrants, topping the national average, which currently hovers around 2.4 percent. Even more impressive, 51 metros have doubled the national rate and 13 managed to triple it.

As quickly as some cities are growing, however, others are having less luck convincing outsiders to relocate and current residents to stay.

The Tortoise 

Slow and steady, that seems to be Atlanta’s motto these days. Well, at least in regards to population.

The U.S. Census Bureau reports that Atlanta, while not growing exponentially, has been steadily gaining prominence with both domestic and international migrants. Since 2010, approximately 15,000 international migrants and 10,000 domestic migrants have found their way into Georgia’s heartland.

People Aren’t Moving Here to Buy

Earlier this month, Atlanta Agent Magazine caught up with one of Atlanta’s top producing real estate agents, Zac Pasmanick, and asked him what he thought about the trends surrounding population growth.

Pasmanick, an agent with RE/MAX Metro Atlanta Cityside, described the city as one of opportunity, which can account for its popularity, but added that most of the new faces in Atlanta are not necessarily coming to plant roots.

“These are not high-income buyers,” he said. “These are renters, many of them looking for opportunities.”

Of course, Atlanta is full of opportunities for these young hopefuls and the influx of rental properties has helped the local economy – a big reason its been named the No.1 moving destination by Penske Truck Rental four years running – but Pasmanick was quick to point out that in the short-term it wasn’t the greatest news for residential sales. He did say, however, it was “still a beginning.”

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