Average rents in metro Atlanta topped $1,000 per month in May, according to a report Monday from Axiometrics, a research firm.
Axiometrics said the four-digit average rate for a two-bedroom unit — $1,005 per month — was a first for the metro area. Rents grew 7 percent in May over the rate in April. The average rent was $66 higher than in May 2014.
Occupancy, the report stated, was 94.7 percent, another record high, and up from 94.1 percent in May a year ago. The increase in rents has been driven by top-tier or Class A units and Class B properites. Average Class A rents for a two-bedroom unit were $1,412 in May, while Class B units ran $953 per month on average.
In Sunday's edition of The Atlanta Journal-Constitution, the paper looked at what's driving the rent growth. You can access that story here.
The report, which looked at April data, found that apartment rents in the region continue to climb and vacancies are tightening even as developers bring thousands of new units to market. The trend comes as homeownership rates drop in the wake of the housing bust. Many young adults either can’t afford a home or don’t want the risk and hassle of owning one, which has led to more demand for rentals.
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