Rental Prices in Atlanta Drop 8.1% Year-Over-Year: Key Trends and Insights

Rental Prices in Atlanta See Changes: What You Need to Know

Atlanta Rental Market Trends

Hey there, Atlanta renters! If you’re on the hunt for a new place to live, you’ll want to pay close attention to the latest rental market updates. It looks like the costs for renting a one or two-bedroom apartment in our vibrant city are experiencing some shifts. According to a new report from Zumper, rental prices are fluctuating not just nationally, but right here in the metro area.

National Overview

Now, let’s take a look at the bigger picture across the United States. Generally, the national rental prices for one-bedroom apartments have remained pretty steady, but there’s a bit of a decline happening with two-bedroom prices. Who would have thought? While that’s going on nationally, here in Atlanta, the situation is a bit different. The report revealed that our rental prices have dropped by 8.1% since this time last year—definitely something to consider if you’re weighing your options!

Current Rental Prices in Atlanta

As of October, here’s the scoop: the median cost for a one-bedroom apartment in Atlanta sits at about $1,600. If you’re on the lookout for a two-bedroom, be prepared to shell out around $2,030. This puts Atlanta as the 27th most expensive rental market in the entire country when compared to the top 100 rental markets. While there’s a lot of competition, it’s good to know that we’re holding our ground!

Month-to-Month Insights

Digging deeper into the month-to-month changes? Well, if you’re eyeing that one-bedroom again, you’ll be glad to know that the prices have stayed unchanged from last month. However, when we compare it year-over-year, those one-bedroom apartments are down by 6.4%. Not too shabby, right?

For two-bedroom apartments, rental costs have also seen a slight decline. In just the past month, the prices fell by 2.3%, but when looking year-over-year, they’ve dropped a significant 8.1%. If you’re considering sharing a space with a friend or family member, this could be your time to make a move.

Comparing Georgia to the National Scene

When we zoom out further and focus on Georgia as a whole, the report indicates that our state’s rental prices are about 2.8% higher than the national median. Atlanta and Augusta are the only cities in our state that made it onto the top 100 list. It’s quite interesting to note that Augusta has seen quite a surge in prices, especially for two-bedroom apartments, where they’ve gone up by an astounding 28%!

State of Rental Prices in Swing States

Speaking of strategic locations, our rental data also shines a light on the seven swing states closely watched during the upcoming 2024 general elections. It appears that Georgia, alongside Michigan, Pennsylvania, and Wisconsin, has had annual rent price growth rates exceeding the national median of 2.3%. So, if you thought this was just about apartments, think again; it seems like rental prices could be tied to the electoral landscape, too!

Conclusion

In conclusion, if you’re navigating the rental world in Atlanta, the best advice is to stay informed and keep an eye on market trends. With prices shifting and some great deals possibly just around the corner, now might be the time to make that jump if you’ve been thinking about moving. As always, happy house-hunting, Atlanta!