Renting in Atlanta Just Got More Affordable!
Great news, Atlanta! If you’ve been considering moving or merely checking out the rental market, you’re in luck. Rental prices for studios and two-bedroom apartments in our beloved city dropped last month, making your next home a bit easier on your wallet!
So, What Do the Numbers Say?
According to a recent rental report, the median rent in metro Atlanta now sits at $1,583. This is a decrease of approximately 1.6% from September and a substantial 3.4% drop compared to last October. Consequently, it might just be the perfect time to snag a sweet deal on that apartment you’ve had your eyes on!
Why the Drop?
Now, you may be wondering what caused this yummy dip in rental prices. Well, it turns out that a lot of new apartments have been popping up across the metro area! Increased multifamily construction over the past few years has led to a significant boost in available units. Thanks to projects that kicked off in 2022, the supply pipeline is thriving, and more choices mean that the prices are kept in check.
Realtor.com’s expert economists say the surge in construction activity was one of the main factors leading to this decline in rental costs. The early years of the pandemic saw multifamily starts reach historic highs, resulting in an influx of new apartments that are now ready for new tenants in 2024.
What About National Trends?
It’s not just Atlanta experiencing a rent reduction; the whole country is seeing similar trends! Nationally, the median rental price dropped to $1,720, which is a 1.3% decrease from the previous month. This marks the 15th consecutive month of year-over-year rent decreases across the United States, as reported by Realtor.com.
Looking Ahead
As we look toward the future, experts predict that while there will be fewer multifamily homes completed in 2025, there should still be enough new units available to keep the pressure on rental prices to stay low.
The South, and Atlanta in particular, has always been a hotspot for multifamily development. Did you know an average of nearly 300,000 multifamily units were finished from January to September this year? This is a whopping 93% increase from 2017 to 2019 levels, and it shows no signs of slowing down. Atlanta is steadily becoming a key player in the nation’s multifamily supply pipeline, which is exciting news for renters!
More Units Coming Your Way!
Specifically, around 20,000 multifamily units were delivered in the Atlanta area just last year, with another 34,000 units still under construction. According to data from CBRE Group Inc., over 23,000 multifamily units are expected to hit the market by the end of 2024! This means plenty of fresh options for renters all over the metro area.
In Conclusion
So there you have it, folks! With rental prices seeing a delightful decrease, and a bevy of new apartments waiting for tenants, now is a fabulous time to get out there and explore what Atlanta has to offer. Whether you’re new to the city or looking to switch things up in your current digs, there’s never been a better moment to find a great place to call home!
