Atlanta Renters Are Paying $70 More in Monthly Rent, Even as Rental Inventory Increases
Staff Report From Metro Atlanta CEO
Thursday, March 29th, 2018
Atlanta rent prices are rising three times faster than the national median despite a significant increase in the number of new rental listings. Median rent in the city of Atlanta is $1,491, up 5 percent from a year ago, according to the inaugural HotPads Rent Report.
Annual rent appreciation in Atlanta has hovered between 4 percent and 7 percent since HotPads began tracking data in 2015, while national rent appreciation has stayed between 1 percent and 4 percent over the same period. Median rent across the U.S. is $1,418, a 1.6 percent increase over the past year.
Atlanta renters will have 71 percent more newly-available rental listings to choose from than a year ago, with Midtown and North Buckhead neighborhoods reporting especially large increases. The number of new rental listings renters can choose from in these two neighborhoods has doubled over the past year, with each neighborhood seeing rental inventory increases of over 150 percent.
Median rent for a one-bedroom in Atlanta rose at similar pace, up 4.9 percent to a median of $1,440. Among all Atlanta neighborhoods, Pine Hills reported the strongest rental appreciation among one-bedrooms – median rent rose 6.2 percent to monthly payment of $1,413.
"Atlanta's rents are quickly on the rise, outpacing San Francisco -- known for its incredibly competitive and expensive rental market," said Joshua Clark, economist at HotPads. "Right now, Atlanta's affordability is one of its selling points, especially as it competes for Amazon's attention for HQ2. However, if Atlanta's rent continues to appreciate at current levels, rental affordability could become a greater concern. Given that so many new rental listings have come online in the past year, and rent growth still hasn't let up, it's clear that the city is still seeing high demand."
Key Findings – Atlanta
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The median rent in Atlanta is $1,491, up 5.0 percent from a year ago
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Median rent for a one-bedroom in Atlanta is $1,440, up 4.9 percent year-over-year
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There are 71.2 percent more new rental listings to choose from in Atlanta than a year ago
Key Findings — Midtown
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The median rent in Midtown is $1,835, up 2.4 percent from a year ago.
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Median 1-bedroom rents are $1,612, up 1.5 percent year-over-year.
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Rental inventory in Midtown on HotPads is up 172.8 percent from a year ago.
Key Findings — North Buckhead
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The median rent in North Buckhead is $2,428, up 1.7 percent from a year ago.
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Median 1-bedroom rents are $1,608, down 1.7 percent from a year ago.
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Rental inventory in North Buckhead on HotPads is up 153.2 percent from a year ago.
Key Findings — Pine Hills
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The median rent in Pine Hills is $1,705, up 2.6 percent from a year ago.
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Median 1-bedroom rents are $1,413, up 6.2 percent from a year ago.
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Rental inventory in Pine Hills on HotPads is up 30.8 percent from a year ago.