Metro Atlanta Rents Continue to Climb

There’s an old saying: “What goes up, must come down.” That’s true of just about everything, except for the price of Metro Atlanta rent! According to a recent analysis by Zumper, Atlanta ranks as the 14th most expensive metro in the country for rent. Here’s some information I found from an article in the Atlanta Business Chronicle, along with my own research!

The rental market is just as diverse and localized as the rest of Atlanta real estate. Looking at this heat map for the median rental cost of 1-bedroom apartments, it’s clear that North Atlanta has some of the priciest rents in the metro, rivaling Midtown. Here’s where the wallet-squeeze is the tightest:

  • South Tuxedo Park: $1,785
  • Peachtree Heights West: $1,650
  • North Buckhead: $1,650
  • Buckhead Village: $1,550
  • Midtown: $1,550
  • Inman Park: $1,600
  • Peachtree Park: $1,450
The southwest areas of Metro Atlanta trend lower, with South Downtown having a median rent of $1,050, and Washington Park running about $650. When you shake it all out, the median rent for a 1-bedroom apartment stands at $1,260. For a 2-bedroom apartment, the median rent is $1,560.

Some analysts speculate that Atlanta rents will taper off as new apartment buildings reach completion. (That’s what Boston used to think, too!) But Atlanta is a world-class city that is enjoying economic growth in a variety of industries. And the truth is, landlords will always charge the maximum rent that the market will bear

In fact, rents are often determined by the “vacancy rate.” Which means, a landlord will charge the maximium rent that keeps the apartment building 90% full. Why only 90%? Because it’s just as profitable to charge high rent and leave some empty units, than to charge lower rent and deal with repairs on every unit. Therefore, unless we see another economic shake-up like the Great Recession, most Atlanta rents will invariably trend higher, year-over-year, based on inflation and localized supply and demand.

And while it’s true that the cost of buying a Metro Atlanta home has also gone up, home ownership still offers the best long-term value in housing. From income tax breaks, to value appreciation and quality of life, owning a home pays you back!

If you are thinking of buying a home , I’m here to help you! Contact me today for your personal real estate consultation. There’s no charge and no obligation! I will be happy to refer you to local mortgage lenders, and help you find the ideal home for your needs!

Jill Heineck
Associate Broker
Heineck & Company at Keller Williams Realty
Phone: (404) 418-9157
Email: jill@heineckandcompany.com

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