NRHC’s “A Closer Look” series is designed to provide insight into the dynamics driving the
single-family rental home market in key metropolitan areas throughout the United States.
Providers of single-family rental homes are working diligently to respond to the demand for
quality, affordably-priced, rental housing in safe, well-located neighborhoods throughout
Atlanta. Single-family rental home companies – large and small – are committed to the
communities in which they invest and build by providing families with more options for housing
to meet the needs of local residents.
Here are a few points to provide some context concerning the single-family rental home market
in Atlanta and throughout the state of Georgia:
First, there are nearly 4.5 million housing units in Georgia, 726,000 of which are single-family
rental homes. Member companies of the National Rental Home Council (NRHC), which include
the nation’s largest providers of single-family rental homes, own approximately 37,500 homes
across the state (member reported data). This equates to about 0.8% of the state’s residential
housing and just 5.2% of the number of single-family rental homes.
Second, demand for rental housing is directly correlated to population growth and job growth,
and on both fronts the Atlanta region is booming. According to US Census Bureau data, the
population of metro Atlanta increased by 43,000 people between July 2020 and July 2021 –
approximately 117 per day – the sixth highest rate of growth for all metropolitan areas in the
country. The metro Atlanta employment market added more than 184,000 workers between April
of 2021 and 2022, more than all but four metros across the country with populations greater than
one million. As Atlanta’s economy continues to attract new residents and businesses, the supply
of rental housing will have to expand accordingly.
Third, any increase in the number of properties owned by providers of single-family rental
homes in the Atlanta area is likely a symptom of a vibrant and growing housing market. As an
indication, there were more permits issued in April 2022 for new home construction in the
Atlanta area since the Great Recession. In addition, the Atlanta market is the ninth most active
multifamily development market in the country with nearly 27,000 apartment units under
construction in May 2022.
Fourth, the claim that providers of single-family rental homes are somehow adversely impacting
homeownership in Atlanta is dubious at best. Between the first quarters of 2017 and 2022 the
homeownership rate in the Atlanta metro area increased from 64.4% to 67.6%. Further,
providers of single-family rental homes are increasingly shifting to the building of new homes
for rent rather than the purchasing of existing homes.
Finally, and most importantly, providers of single-family rental homes are committing
significant resources to the Atlanta market for one reason: demand. Companies are investing in
local staff, hiring local contractors and business partners, and bringing property management
expertise to the local market all to ensure a positive experience for residents and families who
choose a single-family rental home lifestyle. As evidence, NRHC member companies invested
nearly $2 billion in home renovations, upgrades, and other property-level operations in 2021, and
each of NRHC’s five largest member companies maintain an A+ rating from the Better Business
Bureau.
The Atlanta area housing market should be one that reflects the diverse needs and circumstances
of those who call this vibrant and dynamic region home. Single-family rental home providers are
an important part of the housing ecosystem in Atlanta, throughout Georgia, and across the
country. As testament to the role of single-family rental homes in neighborhoods and
communities, a report by Harvard’s Joint Center for Housing Studies and AARP in 2021 found,
“the most livable neighborhoods offer the most diverse set of housing options, including
multifamily and rental opportunities as well as single-family and owner-occupied homes.