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Apartment Sticker Shock: Metro Atlantans Facing Higher Rents

If you’re a renter, you should realize by now you’re in the same boat as many metro Atlantans who are looking to buy a home and finding prices much higher than they were last year.

The most expensive neighborhood in Atlanta was Buckhead Village, where rents averaged $2,620 in April for a two-bedroom.

Rents for a two-bedroom apartment are up nearly 11 percent in Sandy Springs in Fulton County and more than 9 percent in Smyrna and Marietta in Cobb County, according to a new analysis by Apartment List.

For dwellers looking to land a one-bedroom, rents are event steeper: up 12 percent in Sandy Springs, nearly 11 percent in Dunwoody in DeKalb County, and more than 9 percent in Duluth and Norcross in Gwinnett County.

Overall, rents in April averaged $960 for a two-bedroom in metro Atlanta, up nearly 7 percent compared with a year ago and far exceeding the national average of 2.5 percent for rent appreciation.

Rent chartMetro renters were paying premiums to live in the city of Atlanta, where a two-bedroom averaged $1,290, and in other popular areas.

The most expensive neighborhood in Atlanta was Buckhead Village, where rents averaged $2,620 in April for a two-bedroom. North Buckhead and Peachtree Hills tied for second with $2,150.

The most expensive rents in suburban metro Atlanta were in Dunwoody, where they averaged $1,350.

Apartment List’s rent analysis was part of a broader Apartment List Renter Satisfaction Survey, which also asked more than 18,000 respondents about the local economy.

“Atlanta renters expressed general satisfaction with the city, with average or above average scores across most categories,” said Andrew Tam, Apartment List’s vice president of data science.

Among the broader findings:

• Renters gave metro Atlanta a B+ overall satisfaction score, ranking it #32 out of 100 cities nationwide.

• The local economy received a B- with 42 percent saying we’re on the wrong track

• Two-thirds planned to buy a home in the future.

• Atlanta got an A- when it comes to safety and the crime rate.

By: Christopher Seward – Atlanta Journal Constitution

Posted by: onpoint on July 1, 2015
Posted in: Uncategorized