ATLANTA — Rent prices across the country are declining according to a new Zumper National Rent Index release.
“With so much new supply coming online over the past 12 months, we’re seeing renters able to move up market,” Anthemos Georgiades, CEO of Zumper, said in a statement. “That movement frees up inventory at lower price points, creating a ripple effect of affordability. However if demand holds steady while new construction continues to taper off, we could see rents pick back up in the second half of the year.”
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While the national average has gone down between 0.2% and 0.5%, Zumper’s data showed that for Atlantans, the prices had gone up instead.
The average rental prices in Atlanta were up between 0.6% and 1%, according to the Zumper report.
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The report ranked Atlanta as the 25th most expensive city to rent in, based on the prices of one bedroom and two bedroom apartments.
Zumper said their data showed a one bedroom apartment’s cost was an average of $1,610 per month and $2,100 for a two bedroom apartment.
While prices are lower year-over-year, the monthly increases mean relief other communities are seeing with rent pricing isn’t quite reaching the Georgia capital.
Still, a one bedroom apartment’s monthly costs were down 5.3% compared to last year and two bedrooms were renting for 2.8% less, according to Zumper.
As far as how housing costs are hitting Americans’ wallets, the latest Consumer Price Index, released in April, showed that the shelter index had increased by 4% as of March, which the U.S. Bureau of Labor Statistics said was the smallest 12-month increase since November 2021.
From the shelter index, BLS reported that “owners’ equivalent of rent” was up 0.4% and rent was up 0.3% nationally.
The most recent metro Atlanta area-specific CPI from March showed housing in the region was up 2.5%, with it serving as “the largest contributor to the total 12-month increase” of inflation, regionally.
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