Atlanta Apartment Rents Take Deep Dive
Atlanta rents went way up during Covid as a number of people moved into the Atlanta metro area during the pandemic. But since then, they’ve been in decline. The average rental payment in Atlanta is $1,617, down 4.5% from the same month a year earlier, according to Rent.com data.
The Atlanta Business Chronicle reports it’s due to an increased supply of apartment units, basically flooding the market and giving owners less leverage when setting rents. In a reversal of early pandemic trends, Atlanta saw the eighth-largest year-over-year decline in effective rent among U.S. metropolitan areas.
Nationally, median monthly rents declined by 2% in November compared to the prior year — from $2,009 in 2022 to $1,967 a year ago. Median rents peaked in August 2022 at $2,054.
November marked the first time in more than three years that median apartment rents declined by more than a single percentage point.
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