supply trend was quite substantial. About 50 percent of the house- holds in Atlanta, GA are renter-oc- cupied. Atlanta rent prices plunged during the most severe period of the coronavirus outbreak when much of the city’s economy was locked down. It is supposed to have ended eight years of steady rent growth in the Atlanta housing market. The rent prices are up whether you compare them annually or monthly. The average rent for a one-bed- room apartment in Atlanta, GA is currently $1,740. This is an 18 percent increase compared to the previous year (source: Zumper). Over the past month, the average rent for a studio apartment in Atlanta decreased by less than one percent to $1,592. The average rent for a one-bedroom apartment increased by two percent to $1,740, and the average rent for a two-bedroom apartment increased by two percent to $2,243. The Zumper Atlanta Metro Area Report analyzed active listings last month across 6 metro cities to show the most and least expensive cities and cities with the fastest-growing rents. The Georgia one-bedroom median rent was $1,230 last month. Atlanta was the most expensive city with one-bedrooms priced at $1,640 while Athens ranked as the most affordable city with one-bedrooms priced at $1,220. The Fastest Growing Cities in the Atlanta Metro Area (Year-Over-Year) • Marietta had the fastest-growing rent, up 23.9 percent since this time last year. • Athens saw rent climb 22 percent, making it the second- fastest-growing.
• Atlanta was third with rent jumping 14.7 percent.
hopefully end, the Atlanta housing market is strong. There are no signs of weakness in the Atlanta real estate prices. In a balanced real estate mar- ket, it would take about five to six months for the supply to dwindle to zero. In terms of months of sup- ply, Atlanta can become a buyer’s real estate market if the supply increases to more than five months of inventory. And that’s not going to happen. This housing market is skewed to sellers due to a persistent imbalance in supply and demand. And, while demand has peaked for the time being, most experts antic- ipate continued long-term demand, implying little chance of price declines. There is simply not enough housing available to meet demand. •
The Fastest-Growing Cities in theAtlantaMetroArea (Month-Over-Month)
• Decatur had the largest monthly rental growth rate, up 4.9 percent. • Marietta was second with rent climbing 4.7 percent. The low-interest rates are already leading to an increase in mortgage applications. Buyers looking for this opportunity to invest or buy a house. Low-interest rates coupled with Atlanta’s solid job market could be a boon for the local real estate mar- ket even in the time of the Covid-19 pandemic. Keeping aside the short- term effects of Covid-19 which would
64 | think realty magazine :: january – february 2022
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