The beginning of the decade may feel more like a lifetime ago.
And for renters in Atlanta, it really was a different world — a far off time when the average rent in the city was $895.
Ten years and a 65% increase later, the average rent price tag in Atlanta is now $1,474, according to analysis done by RentCafé.
And, of course, it’s not just renters who are feeling the pinch.
Atlanta’s median home costs have increased a staggering 98% in the last decade, according to the report, which brings that figure to $251,125.
A separate report earlier this year found that Atlanta ranks in the bottom third of cities on home affordability. But still, in Atlanta, the typical homeowner pays 37.9% of their income toward mortgage and taxes — or about $1,636 per month.
Throughout the decade, the city has continued to build. According to the RentCafé report, Atlanta added 71,000 apartments since 2010, about half of which are considered “luxury units.”
Nationally, not only are apartments getting more expensive, they are also getting smaller. At the beginning of the decade, the average apartment was 990 square feet. In 2019, that figure is down to 933 square feet.
The study also notes that more high-earning Americans than ever are renting. Nationally, there was 157% increase in high-earning (more than $150,000 annually) renters this decade.
Like other major cities, Atlanta has also seen a significant uptick in suburban renters this decade. That figure is up 25% since 2010 in the metro Atlanta area, according to the report.
Nationally, suburbs added renters faster than urban areas in the last decade.
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