TROUP COUNTY

My Rent Source in Troup County, GA

Are you a property owner in Newnan, GA, looking to maximize your rental income? Or are you a tenant searching for your dream home in Troup County? Either way, you're in the right place! As a leading rental maintenance and property management company in the area, the team here at My Rent Source has extensive experience in managing residential properties of all types, from single-family homes to apartment complexes.

Property Management With My Rent Source

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The Rental Market in Troup County, GA

According to recent data, the average rent price for a one-bedroom apartment in Troup County, Georgia has increased by 3% compared to the previous year. The median gross rent in Troup County is $825, while the median gross rent in the state of Georgia is $968 and the median gross rent in the US is $1,023. About 42.7% of rental properties in Troup County are currently leased, while the renter occupancy rate for the entire state is 36.9%. In comparison, the occupancy rate for leased properties in the US is 36.2%.

This popular area is in high demand and offers a variety of rental options, including one-bedroom apartments renting for an average of $1,056, studios for an average of $850, and two-bedroom apartments for $1,025 as of February 2023. With more than 40 listings available in the wider Lagrange area, the rental market is rife with investment opportunities.

2022 Population and Income

The population of Troup County, GA in 2020 was 70.1k with a median age of 36.7 and median household income of $46,796. Over the course of one year, from 2019 to 2020, the population of Troup County increased from 69,919 to 70,095, reflecting a 0.252% growth rate. During the same period, the median household income also increased from $45,649 to $46,796, reflecting a 2.51% increase.

Understanding Median Contract Rent in Georgia

Median contract rent is a common metric for evaluating the cost of renting in a specific location. Various factors can affect median contract rent, such as the number of available rental units, demand for rentals, and the overall cost of living in the area. Being aware of the median contract rent in Troup and Georgia can provide insight into the typical cost of renting in these areas.

Property Value Assessment

Troup County is currently a seller’s market, and the median sold price of homes is $239,940, or approximately $127 per square foot. This represents a significant 19.6% increase since January 2022. In January 2023, the Troup County housing market saw over 10 listings sell above the listed price, more than seven sell at the listed price, and over 18 sell below it. Meanwhile, according to recent data, the median sales price of homes in Georgia has increased by 21% year-over-year as of April 2022, reaching $345,000. However, this figure remains 19.52% below the national median home price of $428,700.

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We help property owners in Georgia turn their investment properties into successful rental businesses. Please contact us today for more information or to discuss your management needs.