Atlanta Rental Market Cools as Prices Decline More Than 6% Year-Over-Year

Atlanta Rental Prices Show Signs of Cooling

Hello, Atlanta! If you’re considering a move or just curious about what’s happening with rental prices in our vibrant city, there’s some interesting news to share. According to a fresh report from Zumper, Atlanta ranks as the 30th most expensive rental market in the United States. But here’s the kicker – the rental prices are actually seeing a bit of a dip compared to last year!

What Does That Mean for Renters?

Let’s break it down a little. As of November, the median rent for a one-bedroom apartment in Atlanta hovers at $1,600. This figure hasn’t changed from October, but it’s marked a significant decline of over 6% compared to the same time last year. In the world of real estate, that’s a pretty big deal.

For those of you hunting for a little more space, a two-bedroom apartment will cost you around $2,000 on average. This too has seen a slight drop of 2% from October and an 8% decrease compared to last November. So why these price drops? According to Zumper, it’s all about the seasons and supply and demand dynamics in the rental market. November often signals the opening of the “low demand months,” which typically leads to lower prices.

Where Does Atlanta Stand?

Atlanta is experiencing some easing in rental costs, it was ranked 21st among the most expensive rental markets back in April 2023. So, even though we’re 30th now, it’s worth noting how quickly things can change in the rental world.

The National Picture

New York City grabs the top spot as the priciest place to rent, with a jaw-dropping average of $4,370 for a one-bedroom apartment. Other cities that make the list of high rents include Jersey City, San Francisco, Boston, San Jose, and Miami. These markets have prices that’ll make your wallet weep.

On the flip side, if you’re looking for budget-friendly options, you might want to check out places like Wichita, Kansas, where renting a one-bedroom will only set you back about $730. Other affordable cities on Zumper’s list include Tucson, Arizona; Oklahoma City, Oklahoma; Shreveport, Louisiana; and Akron, Ohio.

Don’t Forget About Our Neighbors!

Augusta, Georgia, didn’t get left out of the rental talk, ranking 88th overall with a median of $990 for a one-bedroom apartment. It seems Georgia has a mixed bag of rental prices depending on where you look!

A Bright Spot for Future Renters

affordable options** popping up in the coming months. It’s an exciting time to be navigating the rental market in our city, so if you’ve been hesitant to jump into the apartment hunt, now might just be the perfect moment to dive in.

Author: HERE Atlanta