10 Apr Report: Atlanta rent increases are (gulp) outpacing San Francisco
Despite an explosion in apartment stock, Atlanta rents are increasing at a rate that puts most of the country’s rental growth to shame, analysts say.
“Atlanta’s rents are quickly on the rise, outpacing San Francisco—known for its incredibly competitive and expensive rental market,” said economist Joshua Clark, according to HotPads’s first-ever report on Atlanta’s rent costs.
Intown rent prices continue rising, even though the city boasts almost twice as many new rental offerings as last year. The city’s rental housing stock has spiked overall by about 71 percent. In Midtown, it’s increased year-over-year by nearly 173 percent, per the report.
“Right now, Atlanta’s affordability is one of its selling points, especially as it competes for Amazon’s attention for HQ2,” Clark continued. “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,” Clark said, “it’s clear that the city is still seeing high demand.”
According to the report, the city is seeing prices rise “three times faster than the national median.”
The median rent price in Atlanta, now $1,491, is a 5 percent jump from what residents paid last year. That’s about $70 more per month, according to PR Newswire.
Below are some other takeaways from the HotPads report:
The median rent in Atlanta is $1,491, up 5 percent from a year ago. Median rent for a one-bedroom in Atlanta is $1,440, up 4.9 percent year-over-year. There are 71.2 percent more new rental listings to choose from in Atlanta than a year ago.
The median rent in Midtown is $1,835, up 2.4 percent from a year ago. Median 1-bedroom rents are $1,612, up 1.5 percent year-over-year. Rental inventory in Midtown on HotPads is up 172.8 percent from a year ago.
The median rent in North Buckhead is $2,428, up 1.7 percent from a year ago. Median 1-bedroom rents are $1,608, down 1.7 percent from a year ago. Rental inventory in North Buckhead on HotPads is up 153.2 percent from a year ago.