The average rent in Atlanta at the end of December 2017 was $1,340/month, 2.4% more than exactly one year prior. In the metro area overall, the average rent was $1,182/month at the end of the year, an increase of 2.6% over the year, while the national average rent is 2.5% higher than December 2016. Over a 3-year period, the average rent in Atlanta city increased by 17%, at the metro level by 15%, and at the national level by 12%, according to Yardi Matrix apartment data.
Growing at the about same pace as the national average year over year, the price of rental apartments in Atlanta continues to be among the most affordable compared to cities of similar size, like Washington, DC where the average rent in 2017 was over $2,000, Boston, MA, with an average rent over $3,200, or Miami, where apartments rent for about $1,600/month.
A few suburban markets around Atlanta heated up considerably in 2017, five places, in particular, seeing rent prices skyrocket by more than 8% over the year.
South suburban Fayetteville saw the fastest growing rents in Metro Atlanta
According to Yardi Matrix, rents in metro Atlanta grew by 2.6% in 2017, on average, significantly slower than in 2016, when they had increased by 5.5%. In Fayetteville, a 16,000-resident suburb, rents shot up by 16.1% in 2017 — the biggest increase in the metro area — surpassing the $1,000 mark and reaching $1,074/month in December.
The second highest rent increase in the area was in Stone Mountain, GA, where apartments were 9.5% more expensive in 2017 versus the previous year, closing out the year at $863/month. Lithonia, GA is also getting pricier for renters, with apartment rents up 9.2% for the year, reaching $954/month as of December 2017. Apartment renters in both Forest Park and Conyers experienced 8.2% rent hikes in 2017. The average price for an apartment in Forest Park was $700 in December and in Conyers $950.
After suffering a 13.7% price increase in 2016, the highest in the metro region, apartments in Chamblee got even more expensive in 2017, increasing by another 7.8%, now renting for $1,285/month. Union City rents were not much behind either, with a 7.6% increase in 2017. Larger and more expensive suburbs like Decatur, Sandy Springs, and Marrietta had more moderate 2-4% increases in rent prices.
After seeing an 8.8% rent growth in 2016, rents in Peachtree City went down by -1.5% in 2017, settling at $1,291/month by the end of the year. John’s Creek apartment rents slowed down since 2016, decreasing slightly by -0.2% in 2017. Rents in Clarkston also decreased by -0.2%. Other markets that experienced rent drops were McDonough (by -0.3% y-o-y) and Buford (-2.1% y-o-y).
Top 10 most expensive and cheapest places to rent in metro Atlanta
The most expensive apartments around Atlanta are in Johns Creek ($1,457), Alpharetta ($1,385), Kennesaw ($1,384) and Sandy Springs ($1,384). Apartments in the city of Atlanta are the sixth most expensive, with an average rent of $1,340. The most affordable apartments for rent are in Forest Park ($700), Riverdale ($757) and College Park ($803).
The Lakewood Heights neighborhood saw the biggest rent hikes in the city
Rentals located in zip code 30315 (the South Atlanta neighborhood of Lakewood Heights) saw the highest price jump in 2017 within the city limits of Atlanta. Known as an affordable neighborhood, the price of rent in 30315 reached $815 in 2017, 7.8% more than what it cost in 2016. The second highest rent increase was in zip code 30314 (Battle Hill Haven), up by 6.5%, $824/month as of December 2017.
Prices have been more stable in the more affluent zip codes of Atlanta, like 30303 (Downtown Atlanta), 30305 (Buckhead/Peachtree Hills), 30313 (Downtown Atlanta), 30326 (North Buckhead), and 30363 (Atlantic Station), where apartment rent prices decreased, remained flat, or increased very slightly over the year.
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|Cities in Atlanta Metro||Average Rent 2017||Average Rent 2016||Change Y-o-Y|
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The report is exclusively based on apartment data related to buildings containing 50 or more units. Rent data was provided by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.
Starting with the January 2017 rent survey, Yardi Matrix is using a methodology that incorporates more properties into the sample which caused slight changes in overall rents and year-over-year changes compared to the previous reports. We expect this methodology adjustment to produce more accurate averages at the national and metro levels.
*National averages include 127 markets across the US, as reported by Yardi Matrix.
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