In July 2024, Atlanta, GA's median rent was $1,538. This shows the rent stayed the same over the last month. Yet, it dropped by 6.1% from the year before1. While rent in Atlanta stays stable, it's 9% more than the U.S. average. It's also much higher than what most people pay in Georgia1.
Key Takeaways
- The median rent in Atlanta, GA as of July 2024 is $1,538, showing no change from the previous month.
- Atlanta's rental costs have decreased by 6.1% year-over-year1.
- The average rental price in Atlanta is higher than the national median by 9%1.
- Atlanta is ranked as the 42nd most expensive large city in the U.S1.
- The rental market in Atlanta is growing at a slower pace in 2024 compared to 20231.
Introduction to the Atlanta Rental Market
The Atlanta rental market is changing. Rent prices have dropped by 6.1% over the last year2. This is key for anyone looking to rent or invest there.
Overview of Recent Rent Trends
The median rent in Atlanta is now $1,991. This is a bit more than the national median of $1,9832. For a one-bedroom, the average is $1,939. A two-bedroom goes for $2,4632.
The median rent has seen a 7% fall from last year2. This marks a notable change in the city's rental scene.
Factors Influencing Rent Prices
Several things are affecting Atlanta's rent. The cost of living is 1.3% lower than the US average2. However, housing costs are slightly up by 0.9% above the national level2.
The local economy, job market, and new housing build its rental changes. Healthcare is also pricier by 10.2% than in other places2. It's an important factor for those living in Atlanta.
Current Average Rent Prices in Atlanta
Looking at Atlanta's rental market offers key insights into average rents for one- and two-bedroom apartments. This helps compare Atlanta's rents to the national average. The data shows how rent prices are changing in Atlanta.
Median Rent for One-Bedroom Apartments
The median rent for a one-bedroom apartment in Atlanta has gone up a bit. As of July 2024, it's $1,633.0, which is a small increase of 0.62%3. Over the last five years, the price for a one-bedroom in Atlanta jumped 31%, from $1,308 to $1,7104. This rise shows a growing demand and changing market.
Median Rent for Two-Bedroom Apartments
In July 2024, two-bedroom apartments in Atlanta had a median rent of $2,083.0. This was a slight rise of 0.34% from the month before3. But, from June to July 2024, rent for a two-bedroom fell by -1.34%, showing a bit of a shake-up in the market3. This fluctuation is something renters should think about.
Comparisons to National Rent Averages
Atlanta's rent is generally higher than the national average, by about 9.0%4. It shows how competitive the local market is. Yet, Atlanta is still cheaper than big cities like New York or San Francisco3. It's considered mid-tier in pricing across U.S. cities.
Cost of Living in Atlanta
The cost of living in Atlanta is quite a unique story compared to nationwide numbers. In this section, let's explore how expenses in Atlanta compare.
Comparison to National Average Costs
Atlanta's living costs are close to the national average, which many find practical. Goods and services in Atlanta cost about 1% more than the U.S. average. Likewise, transportation expenses are 1% higher5. But, utility costs in Atlanta are 17% lower than the average5. This balance makes it slightly easier to handle expenses in Atlanta.
Healthcare spending in Atlanta is about 9% higher than the national average5. Anyone thinking about moving to Atlanta should consider this.
Breakdown of Essential Expenses
Let's dive into the key categories of Atlanta's expenses. Housing stands out here. The average monthly rent for a one-bedroom downtown is $1,940.42. Outside of downtown, it drops to $1,498.745. This shows Atlanta's rent is quite competitive.
For a three-bedroom apartment downtown, rent is about $3,363.12. Outside the center, it's $2,449.505. Buying an apartment costs $353.94 per square foot downtown and $269.00 outside5. This highlights the variety in Atlanta's housing costs, which are quite appealing compared to the U.S. average.
Neighborhoods with the Highest Rents in Atlanta
Atlanta's Buckhead and Suwanee are known for their high rents. These neighborhoods offer great amenities and lifestyles. That's why many people want to live there.
Buckhead
Buckhead stands out as a luxurious area in Atlanta. Living here means enjoying the best amenities. Studios there cost about $1,755 a month6. You can find all sorts of places to live, like high-rise apartments and stylish condos. Prices for studios start at $1,5516. Buckhead attracts people who want to live well in an upscale environment6.
Suwanee
Suwanee lies outside Atlanta's center, offering quiet but costly living. It's perfect if you want city access without the noise. Rental prices in Suwanee have gone up. This makes Suwanee a top choice for those looking for a peaceful yet upscale lifestyle.
Neighborhoods with the Most Affordable Rents in Atlanta
If you're looking for a good deal in Atlanta, check out places like Lithia Springs and Lawrenceville. These places are known for their reasonable rent. They also offer a strong sense of community.
Lithia Springs
In Atlanta, Lithia Springs is known for keeping your wallet happy. The area's average rent is just $1,3027. It's perfect for both single people and families because of its affordability and nice living conditions.
Lawrenceville
Lawrenceville also offers great rent prices, drawing in those on a budget. The average rent here is about $1,1177. It's not just about the cost; it's about the great amenities and welcoming vibe too.
Looking into these areas can lead you to find affordable rents in Atlanta. Plus, you won't have to sacrifice quality of life. For more info on where to find good deals, click here: this guide7.
Year-over-Year Rent Growth in Atlanta
In the last year, Atlanta's rental market has seen lots of changes. We're going to look at what's been happening with rents.
Recent Rent Decreases
Last year, rent prices went down a lot. The median rent dropped by 6.1%, showing rent costs are not as high8. Even with the decrease, a two-bedroom apartment costs about $2,270 on average9. Also, fewer people are renting in metro Atlanta now. The occupancy rate has fallen to 88.7%9.
Long-term Trends
The Atlanta rental market has had its ups and downs since 2020. Rent has gone up by 22.5%, which means $368 more for the average rent9. But, this growth has slowed down recently. For example, rent is expected to grow by only 1.0% in 2024, slower than in 20238. Atlanta is now 84th in rent growth among big U.S. cities8.
Rents in Atlanta are also pricier than the national and metro area averages. It's 9.0% more than the U.S. average and 3.9% more than the metro area average8. This shows the complex changes in rents in Atlanta and nearby areas, highlighting how rental costs and market trends are changing.
How Atlanta's Rent Compares to Other Major Cities
Atlanta's rental prices are shaped by many elements. These include the variety of local benefits and how many people live there. It's useful to see how Atlanta compares with other big cities for renters and investors.
Comparison with Cities in Georgia
Looking at Atlanta and other Georgia cities shows different rent prices. For example, a one-bedroom in Atlanta costs about $1,500. This is more than Lawrenceville's $1,117 but less than Alpharetta's $1,66010.
In the broader Atlanta area, prices can vary greatly. Rents range from $1,223 in Canton to $1,823 in Johns Creek11. This shows a wide range of rental prices in the area.
Comparison with National Averages
Comparing Atlanta to the rest of the country, its median rent is $1,51212. This is 12.4% above the U.S. average. Still, Atlanta is more affordable than many big U.S. cities. It ranks 40th in rental costs among the 50 biggest cities10.
This reasonable cost is helped by a good job market and more people wanting rentals. This includes short-term options like Airbnb11.
What's The Average Rent In Atlanta, GA
The average rent in Atlanta is now $1,5388. It hasn't changed this month but has gone down 6.1% from last year8. Compared to other big cities in the U.S., Atlanta's rent decrease is slower8.
Understanding the Median Rent
Rent growth in Atlanta is behind the state and national levels because of local economy8. Atlanta is the 42nd priciest large city in the U.S., and its median rent is 3.9% above the wider area's $1,4808. This shows Atlanta's unique demand and supply issues.
Trends Over Recent Months
Rent prices in Atlanta haven't changed much each month8. This year, they've slightly gone up by 1.0%, which is a smaller increase than last year8. These trends suggest the rental market in Atlanta is stabilizing.
To get all the details on Atlanta's rent, check out the full report here8. It covers everything renters and landlords need to know.
Tools for Finding Rentals in Atlanta
Finding an apartment in Atlanta is easier with the right tools. Many online sites have lots of rental listings in Atlanta. They also have features that make finding the perfect place simpler for renters.
Popular Rental Listings Websites
Websites like Zillow, Trulia, and Rent.com are great for apartment hunting in Atlanta. They show a lot of properties and give details like photos, what amenities there are, and what the neighborhood is like. These websites make apartment searching less overwhelming. Also, the Southeastern Rental Affordability Tracker provides useful data on rental prices and who can afford them13. This helps people make better choices when renting.
Importance of Tenant Screening
Tenant screening is very important in the rental process. Sites like TurboTenant and Cozy show many rentals in Atlanta. They also do tenant screening. This includes checking credit scores, job history, and past rentals.
This is good for landlords because it reduces risks with renters. For renters, it makes getting approved faster. Considering Atlanta's median rent is $1,538, it's key that landlords and renters are reliable. This ensures they stick to their rental agreements8.
Factors to Consider When Renting in Atlanta
When looking for a place to rent in Atlanta, it's vital to think about a few important things. Knowing what to consider can help you make a better rental decision. This ensures you find a great place to live.
Proximity to Work and Amenities
One top concern is how close the rental is to your job and important places like stores and hospitals. Living near your workplace can cut down on travel time. It also helps you balance your work and personal life better. Areas like Buckhead and Midtown are great because they have both living spaces and shops close by, perfect for those who hate long commutes and want conveniences nearby.
Community and Safety Features
The kind of community and how safe it is are also key when picking a place in Atlanta. For example, Lithia Springs and Lawrenceville are great for their friendly vibes and more reasonable rents. Lithia Springs has rents averaging at $1,302, which is pretty good in Atlanta8. Being in a safe area is also critical, so looking at crime rates and local safety efforts is smart. This helps ensure you feel safe where you live.
Knowing about things like community and safety makes it easier to choose a place that's both safe and fits your needs. It leads to a happier and more secure living situation.
Rent Specials and Deals in Atlanta
Renters in Atlanta have many Atlanta rent specials to choose from. They're found in Carver Hills, Watts Road, Decatur, Capitol View, and Cascade Heights14. These specials range from affordable studio apartments to spacious three-bedroom homes15. Each special has different amenities. These include air conditioning, laundry facilities, pools, and gyms15.
Rent deals in Atlanta cover a broad price range. Some start as low as $600, reaching up to $2,40014. The average rent for these specials is $1,767. This is a bit more than Atlanta's overall average rent of $1,66814. There are also deals under $500, under $700, and under $1,20014.
Certain Atlanta areas have great rental incentives. Important spots include Atlanta, GA 30318; Atlanta, GA 30339; and Atlanta, GA 3030515. People looking for rental deals Atlanta should check out these zip codes.
In conclusion, it's a good idea for potential renters to look around. They should use resources like Rentable. That way, they can find the best Atlanta rent specials that fit their needs15.
Disclaimer on Rental Information in Atlanta
Looking for a rental in Atlanta? Remember, our rental advice is just a starting point. The rental market changes all the time. So, it’s a good idea to talk with an expert. They can help you understand rental contracts better.
Consulting Licensed Professionals
Rent prices in Atlanta keep changing. That's why talking to a pro is key. They can give you the latest info and advice that fits just you. For example, rent in Metro Atlanta goes from $1,482 to $2,200 a month. A pro can help you look at these numbers and make a smart choice.
Variability in Rent Prices
Rent prices in Atlanta aren't the same everywhere. They change based on where you want to live, how many people are moving there, and the economy. Want to live in Midtown or Sandy Springs? Buying might save you money in the long run, even though renting seems easier upfront. Check out this comparison16. To get through these changes, a detailed chat with a rental pro is very helpful.
Conclusion
Atlanta's rent reflects a lively market. The average rent for a two-bedroom is about $1,538. This shows Atlanta is a key player in the national rental scene17. Even if rent seems high, lower grocery and utility costs help balance expenses17.
Choosing the right neighborhood is crucial in Atlanta. Fancy areas like Buckhead have higher rents. But, you can find cheaper places in Lithia Springs and Lawrenceville. Also, living in Atlanta costs more than in Georgia and the US by 19.9% and 13.3%, respectively17.
To navigate Atlanta's rental market, do your homework. Talk to experts for advice. Keep an eye on rent changes over time18. With the right research and advice, you can find a great place to rent in Atlanta.
FAQ
What are the average rental prices in Atlanta, GA?
As of July 2024, the median rent in Atlanta is $1,538. This price stayed the same last month. Yet, it's down by 6.1% from last year.
What recent trends have been observed in the Atlanta rental market?
Rent prices in Atlanta dropped by 6.1% over the last year. The first half of 2024 saw rents grow by 1.0%. This is slower than the year before.
What factors influence rent prices in Atlanta?
Market demand, economic growth, and real estate developments shape Atlanta's rent prices.
What is the median rent for one-bedroom apartments in Atlanta?
The median rent for a one-bedroom apartment in Atlanta is $1,542.
What is the median rent for two-bedroom apartments in Atlanta?
The median rent for a two-bedroom apartment in Atlanta is $1,543.
How does Atlanta's median rent compare to national averages?
Atlanta's median rent is about 9.0% more than the national median. This shows Atlanta's rental market is more expensive.
How does the cost of living in Atlanta compare to the national average?
Atlanta's cost of living is similar to the national average. But, it has slightly higher expenses.
Goods and services are 1% more, health is 9% more, and housing is 2% more. Transportation is 1% more expensive, but utilities cost 17% less than the average in the U.S.
Which neighborhoods have the highest rents in Atlanta?
Buckhead and Suwanee have Atlanta's highest rents. Buckhead studios start at $1,551.
Which neighborhoods have the most affordable rents in Atlanta?
Lithia Springs and Lawrenceville offer the most affordable rents. Lithia Springs has a median rent of $1,302, and Lawrenceville's is $1,117.
How has the rent in Atlanta changed year-over-year?
Rent prices in Atlanta decreased over the last year. Though there has been growth over years, the increase has slowed down.
How does Atlanta's rent compare to other major cities?
Atlanta's median rent is higher by 9.0% than the U.S. average. It's between Alpharetta's and Lawrenceville's rents in Georgia.
Alpharetta's one-bedroom rent is $1,660, while Lawrenceville offers a more affordable rate of $1,117 for the same.
What are the recent monthly trends in Atlanta's median rent?
Atlanta's average rent has stayed at $1,538, showing the market's stability with no changes in the last month.
What tools can be used to find rentals in Atlanta?
Popular websites with rental listings help renters find homes efficiently. They offer messaging and screening features.
What factors should be considered when renting in Atlanta?
Consider how close you are to work and amenities, community features, and safety for a good living experience.
Are there rent specials or deals available in Atlanta?
Yes, some neighborhoods in Atlanta offer rent specials and deals. It's good to explore and compare to find the best leasing terms.
Why should renters consult licensed professionals?
Licensed professionals can explain rental agreements and rent influences well. They help make informed decisions.
Q: Is there variability in rent prices in Atlanta?
Yes, rent prices in Atlanta vary. It depends on many things like market trends, the economy, and specific neighborhood features.
Source Links
- Cost of Living in Atlanta, GA [2024] - https://www.apartmentlist.com/renter-life/cost-of-living-in-atlanta
- Average Rent in Atlanta by Neighborhood | ApartmentGuide.com - https://www.apartmentguide.com/blog/atlanta-neighborhoods-most-least-expensive-rent/
- Apartments for Rent in Atlanta, GA - https://www.rentable.co/atlanta-ga
- 5 Things to Know about Rising Rents in Metro Atlanta - ARC - https://atlantaregional.org/whats-next-atl/articles/5-things-to-know-about-rising-rents-in-metro-atlanta/
- Cost of Living in Atlanta - https://www.numbeo.com/cost-of-living/in/Atlanta
- Ranking the cheapest and priciest Atlanta neighborhoods for renting - https://atlanta.urbanize.city/post/rents-neighborhoods-cheapest-most-expensive-apartments
- The 11 Most Affordable Atlanta Suburbs for Renters in 2024 - https://www.rent.com/blog/affordable-atlanta-suburbs/
- Average Rent in Atlanta, GA & Rent Price Trends - https://www.apartmentlist.com/rent-report/ga/atlanta
- Renter relief: Monthly rents no longer rising in metro Atlanta - https://www.ajc.com/news/atlanta-news/renter-relief-monthly-rents-no-longer-rising-in-metro-atlanta/BTYKZ37RVZBIJHCW3V2HMHRX2U/
- Here’s how much higher rent is in Atlanta compared to the rest of the U.S. - https://www.wsbtv.com/news/local/atlanta/median-rent-is-124-higher-atlanta-than-rest-us/IUFBES4T5JGFTAWPTREF5AEY44/
- JD Homes Leasing & Property Management - https://www.jdhomes.org/blog/the-atlanta-rental-market-a-comprehensive-update-on-trends-and-opportunities
- All You Need To Know About The Cost Of Living In Atlanta Georgia - https://www.falconmovingatl.com/cost-of-living-in-atlanta-georgia/
- Georgia (GA) Average Rent Prices 2024 - https://rentalrealestate.com/data/rent/georgia/
- Apartments with Move In Specials in Atlanta, GA - https://www.rentable.co/atlanta-ga/apartments-with-move-in-specials-for-rent
- Apartments for Rent in Atlanta, GA with Move in Specials - 109 Rentals | Zumper - https://www.zumper.com/apartments-for-rent/atlanta-ga/move-in-special
- Keeping Up with Rent: Recent Rent Hikes and Their Impact on Affordability Standards - https://www.atlantafed.org/community-development/publications/partners-update/2023/03/28/keeping-up-with-rent-recent-rent-hikes-and-their-impact-on-affordability-standards
- Cost of Living in Atlanta Ultimate Guide in 2024 | uhomes.com - https://en.uhomes.com/blog/cost-of-living-in-atlanta
- Apartment List National Rent Report - https://www.apartmentlist.com/research/national-rent-data