Atlanta rent prices have been among the fastest to rise in the nation and a new report from Apartment List says growth has continued over the last year. But over the last month, it began to decline.
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During the last 12 months, the city of Atlanta has seen rent increase by 1%. Peachtree City has seen the fastest percentage of rent increases with 4.5% while rent in Roswell increased by 1.8%. The north Fulton city’s average rent is among the most expensive of metro Atlanta’s largest cities with an average two-bedroom priced at $1,469.
Additionally, Atlanta rent is slightly more than the national average; a two-bedroom apartment is $1,200 compared to $1,192 nationwide. Meanwhile, Kennessaw, which saw the largest drop in rent over the last month at 1.3% while rent grew 1.5% in 2019, has two-bedrooms for an average of $1,410. Among the Georgia cities analyzed, the most inexpensive place to live is Forest Park. It has an average two-bedroom rent of $1,000 and a one-bedroom goes for $870.
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Still, Atlanta rent has declined over the last month, dropping 0.4%. And rent in the city is better than most large US cities, according to Apartment List's Atlanta Rent Report. Despite marginal rises in Atlanta's rates, rent in Austin, Texas rose 3.1% this year. Increases were also seen in Charlotte, N.C. at 2.6% and Dallas at 2.2%. And Atlantans can find more reasonable rates than residents of San Francisco, which has a median two-bedroom rent of $3,088. That's over two-and-a-half times the rent in Georgia's capital.
Across Georgia, rent increased by 1.6% in the last year. On average, one-bedrooms are $882 a month and two-bedrooms are $1,040.
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Apartment List gathered its data using median rent statistics from the US Census Bureau which is extrapolated forward to the current month via a growth rate. That growth rate is calculated from Apartment List's listing data. The apartment-finder app "corrects for the sample bias inherent in other private sources," according to the website. This is said to allow the company to produce results that are more in line with the Census Bureau and the Department of Housing and Urban Development.
