Atlanta Sees Mixed Rental Market Trends
Hey there, Atlanta! If you’ve been keeping an eye on the rental scene in our vibrant metro area, there’s some interesting news to share. According to the latest rental report from Zumper, there are some big shifts happening in apartment prices across the city and its surroundings.
Most Expensive Places to Rent
Ready for the big reveal? Brookhaven has claimed the title of the most expensive city for apartment rentals in the metro Atlanta area, with one-bedroom apartments going for an average of $1,640 per month. Just a hair behind is the City of Atlanta itself, where the average price for a one-bedroom apartment is $1,630. Alpharetta isn’t far off either, with its average pricing at $1,610. These prices can certainly make your budget do a double take!
On the Flip Side: Affordable Rental Spots
Now, if you’re looking for something a little more wallet-friendly, you might want to check out Forest Park, where one-bedroom rentals are significantly lower, averaging just $980 a month. In fact, Griffin closely follows at $990, while Rome sits at $1,100. Finding a cozy spot at these rates sure sounds appealing!
Good News on Rent Trends
But wait, there’s even more good news! If you thought rent was climbing higher and higher, it might just be time for a breather. With the exception of Athens and Rome, rents have actually decreased across most of metro Atlanta over the past year. Notably, Alpharetta saw a whopping drop of 18.3%, closely followed by Decatur at 18.2%. Even Gainesville and Griffin experienced notable drops at 10.3% and 11.6%, respectively.
Atlanta’s Slight Decline
As for our beloved Atlanta, rental prices here have decreased by 4.1%, while Brookhaven saw a decrease of 3%. It appears Atlanta is making room in the housing market, thanks in part to major inventory growth. In fact, over the past five years, our city has achieved the third-largest amount of new rental supply in the entire country!
National Trends in Rental Rates
On a national scale, Zumper has reported a slight decline in the National Rent Index, down by 0.1% this past September. While annual rents for one-bedroom apartments have gone up by a mere 1.5% this year, it’s important to remember that rental prices now are still about $300 to $400 more than they were just four years ago.
Atlanta’s Place Among Large Cities
Where does Atlanta stand compared to the rest of the country? It ranks as the 26th most expensive rental market among the 100 largest cities in the U.S. To put things into perspective, New York City continues to reign supreme with an average price of $4,500 for a one-bedroom in August 2024, and San Francisco isn’t too far behind at $3,170.
So whether you’re thinking of making a move or simply enjoying the vibe of the city as a resident, the current rental market has plenty of highs and lows to keep you interested. Happy house hunting, Atlanta!
