Rent prices in Atlanta show signs of stabilizing
National data shows the median price of Atlanta rent dropped slightly from August to February
ATLANTA, Ga. (Atlanta News First) - All across Atlanta, apartment buildings are going up, and rent prices were going right along with them. Now, data shows the median rent price steadily dropped over the last seven months.
CBS News reports, overall, rent prices fell in a dozen major cities, including Atlanta.
“They’re not building single-family homes as fast as they’re building apartments,” points out Robin Andrade, broker and owner of Sell Atlanta. “I see people paying mortgages in rent.”
Numbers from the Apartment List Research Team show the median rent dropped about 3% from August 2022 to February 2023.
Apartments.com lists the average rent price in Atlanta as $1,518 for a one-bedroom apartment.
However, depending on where you live and the number of bedrooms, it could be about double that.
“You can expect to pay $2,000 to $3,000 dollars a month living in Atlanta,” Andrade says. “Especially if you buy in one of the new buildings or depending on the area. If it’s on the Atlanta Beltline, you’re going to pay for that convenience.”
This time last year, people took to the streets of Atlanta to protest the skyrocketing rent prices.
Considering the median price of rent in the city shot up 18% in 2021, Andrade says the 3% drop is a promising start toward leveling off.
Part of the reason is due to inflation and people needing to save, and the other reason, she says, is an increase in supply.
“There may be an excess of apartment buildings being built right now,” she says. “I feel like it’s going to be very competitive.”
Andrade does share a piece of advice for those looking to settle down:
“If you’re going to pay three grand a month for rent, you might want to consider buying something.”
Copyright 2023 WANF. All rights reserved.
