Georgia Rents Continue to Soar
Friday, March 27th, 2015
Welcome to the February 2015 Georgia Rental Price Monitor! The Peach State remains one of the nation’s most affordable places to live, though rent prices continue rising a bit faster than national averages. In this report, we’ll be looking at trends across the whole state as well as variations between cities.
Georgia rent prices
In Georgia, 1 bedroom rents increased by 0.4% between January and February, while 2 bedroom rents increased by 0.2% month-to-month. They are now up 6.1% and 4.9% over last year at average prices of $760 and $790, respectively. These figures are both lower than the respective national averages. The state’s 1 bedroom rent is $130 less or 15% lower than the national average price of $890 while 2 bedroom rents are $170 less or 18% lower than the national average of $960.
Top 10 most expensive cities
- North Atlanta: North Atlanta came in as the top most expensive city, with a 2 bedroom median rent price at $1,640. Rents are up 0.8% month-to-month and 6.8% year-to-year based on 2 bedroom units.
- Alpharetta and Atlanta: Alpharetta and Atlanta tied for No. 2 among the ten most expensive cities, with a 2-bedroom median price of $1,350. Alpharetta also had the fastest growth of 2-bedroom rents, with a 13.7% increase over last year.
- Dunwoody: Dunwoody had the 4th highest rents in February, with a median price tag of $1,310 for 2-bedroom rent. Dunwoody also saw a 5.4% growth in 2-bedroom rent over last year.
Top 10 cities with the fastest rent growth
- Tucker: After Alpharetta, Tucker ranked No. 2 of cities with the fastest rent growth at 11.9%, according to 2-bedroom figures. A 2-bedroom in Tucker carries a median price tag of $870, while a 1-bedroom goes for $760.
- Lawrenceville: This city has the third fastest rent growth at 9.8% when it comes to 2-bedroom rent. The median price for a 1-bedroom in Lawrenceville is $760, while a 2-bedroom goes for $900.
- North Druid Hills & Sandy Springs: Both cities ranked No. 4 of cities with the fastest rent growth of 9.4%. A 2-bedroom in North Druid Hills goes for a median price of $1,230, while a 2-bedroom in Sandy Springs costs $1,080.
Full data:
| City | Avg Price – 1 Bed | MM Change – 1 Bed (%) | YY Change – 1 Bed (%) | Avg Price – 2 Bed | MM Change – 2 Bed (%) | YY Change – 2 Bed (%) |
|---|---|---|---|---|---|---|
| North Atlanta | $1,250 | 0.9 | 9.3 | $1,640 | 0.8 | 6.8 |
| Alpharetta | $1,130 | 2.4 | 12.7 | $1,350 | 2.4 | 13.7 |
| Atlanta | $1,050 | 1.1 | 6.8 | $1,350 | 0 | 6 |
| Dunwoody | $1,090 | -0.1 | 8.9 | $1,310 | 0.7 | 5.4 |
| North Druid Hills | $910 | 0.1 | 7.1 | $1,230 | 2.1 | 9.4 |
| Sandy Springs | $900 | 0.2 | 10.1 | $1,080 | 0.5 | 9.4 |
| Kennesaw | $860 | 0.5 | 5 | $1,040 | -0.2 | 6.2 |
| Decatur | $830 | 1.3 | 5.5 | $950 | -0.4 | 3.8 |
| Columbus | $770 | -1.3 | 0.5 | $930 | -0.3 | 1.8 |
| Savannah | $770 | -0.7 | 0.7 | $920 | -0.6 | 0.8 |
| Douglasville | $800 | 0.5 | 7.6 | $910 | -0.1 | 6.9 |
| Lawrenceville | $760 | 0.6 | 10.2 | $900 | 1 | 9.8 |
| Duluth | $840 | 0.7 | 11.9 | $900 | -0.1 | 7.4 |
| Marietta | $730 | 1.8 | 10.1 | $880 | 0.2 | 8.6 |
| Newnan | $760 | -0.6 | 4 | $880 | -0.5 | 3.2 |
| Tucker | $760 | 1.9 | 14.8 | $870 | -0.6 | 11.9 |
| Roswell | $800 | 1.8 | 9.4 | $860 | 0.4 | 8 |
| Smyrna | $710 | 1 | 6.8 | $850 | 0.9 | 5.8 |
| East Point | $710 | 0.6 | 1.4 | $790 | 0 | -3.6 |
| Riverdale | $680 | 0.1 | 3.3 | $780 | 0.4 | 5.8 |
| Stockbridge | $680 | 0 | 8.6 | $780 | 0.2 | 3.5 |
| Norcross | $660 | 0.6 | 8.6 | $750 | 0.3 | 8 |
| Valdosta | $700 | 0.6 | -0.3 | |||
| Stone Mountain | $580 | 0.7 | 0.1 | $690 | 0.7 | -1.5 |
| Macon | $540 | 0.3 | 5.5 | $640 | 0.4 | 4.6 |
| Augusta | $640 | -0.1 | 4.1 | $610 | 0 | 0.3 |
| Jonesboro | $520 | -0.2 | 0.7 | $580 | -0.5 | 1.5 |
| Athens | $800 | 1.2 | 2.9 | $570 | 0.8 | 0.9 |
| Albany | $450 | 0.3 | 6.5 | $530 | -0.1 | 1.7 |
Methodology:
