The rental market in Atlanta has shown signs of a price decline, positioning the city as the 30th most expensive in the United States for renters. A study by Zumper indicates that the median rent for a one-bedroom apartment in November held steady at $1,600, maintaining the same rate as in October but reflecting over a 6% decrease year-over-year. The average cost for a two-bedroom apartment stood at $2,000, which is a 2% drop from the previous month and an 8% dip compared to last year's figures, as reported by the FOX5 Atlanta.
The steady prices for one-bedroom apartments yet waning rates for two-bedroom units are attributed to what Zumper describes as a seasonal shift, particularly as November marks the beginning of "low demand months" in the rental sector. During this period, most individuals have found their accommodations, leading landlords to adjust prices to attract tenants before the holiday season. In a statement obtained by Atlanta Agent Magazine, Zumper CEO Anthemos Georgiades noted, "Our national rent index showing flat-to-declining monthly rates is a clear sign of a shift into the slow moving season."
Despite the decrease observed in the Atlanta market, rents nationwide for one- and two-bedroom units have risen by 2.3% and 2.5% respectively, on a year-over-year basis. Zumper's observation points out that these increases are in step with the country's annual inflation rate, which stands at 2.6%. While Atlanta's rental prices are descending, the nationwide trend is an uptick that mirrors the rate of inflation, indicating a complex and varied landscape for renters across different markets, as per Atlanta Agent Magazine.
Atlanta's rental costs, particularly for two-bedroom apartments, saw the median price drop to $2,030 in November, a drop of 2.3% from October and a more notable decline of 8.2% from the previous year, suggesting affordability improvements in the local landscape. As costs moderate, Atlanta drops in the ranking of the nation's priciest cities for renters, a stark departure from markets like New York, Jersey City, and San Francisco where the highest rents persist, with these cities leading as the most expensive according to FOX5 Atlanta.
