Renters Now Rule in Metro Atlanta
(AJC) — That’s the picture painted by new housing data released this week by the U.S. Census Bureau. From 2000 to 2010 the supply of new housing units outpaced demand by 50 percent in the four largest metro Atlanta counties (Fulton, Gwinnett, DeKalb and Cobb). The result: In those four counties alone, more than 143,000 houses, condos, apartments and other units were vacant in 2010 — and 67,000, or nearly half, were for rent. That’s good news for renters and bad news for landlords and often for neighborhoods. Just ask Edward Nyankori, an Atlanta man who thought he was ahead of the investment game when he purchased a few rental properties eight years ago. That belief was quickly shattered when the economy tanked. “People are not willing to pay the price I need just to break even, because there are so many other things on the market,” he said.