During the Covid pandemic, there was a surge in population moving into the Atlanta metro area. However, as of late, rental prices have been on a decline. According to data from Rent.com, the average rent payment in Atlanta is now $1,617 which is 4.5% lower than it was during this time last year.
The decrease in rental prices can be attributed to an increase in apartment units available for rent. This has resulted in owners having less bargaining power when setting rents and has led to a reversal of early pandemic trends where Atlanta saw one of the largest declines among U.S metropolitan areas.
Nationally, median monthly rents also declined by 2% compared to last year with November’s median rent at $1,967 as opposed to $2,o09 just one year ago – marking its peak back in August 2020 at $2,o54.
This marks the first time since three years that median apartment rents have decreased by more than one percentage point – indicating that there may be more affordable options available for renters looking for housing options within this market.
