Rent skyrocketing across city of Atlanta

ATLANTA — According to research by Rent.com, more than half of the apartments for rent in the city of Atlanta cost more than $2,100 to rent monthly.

Channel 2′s Justin Farmer looked into what’s driving up prices and where the best bang for your buck is.

[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]

Unsurprisingly, the housing market and rental prices go hand-in-hand.

“The housing market in Atlanta, and really everywhere right now, is really still significantly hot,” said Brian Carberry with rental website Rent.com.

The housing market is part of what’s driving up rent prices in the city of Atlanta by 16% since this time last year.

Rent.com estimates the average price for a one-bedroom apartment in Atlanta is $1,945.

“You’re seeing a lot of people who are saving up for a house and realizing they can’t really afford something ITP and they don’t want to go OTP… they are looking to rent as the only option they have to afford something inside the city.” Carberry said. ITP means “inside the perimeter” (borders) of the city, and OTP means “outside the perimeter.”

Another contributing factor is the completion of Atlanta’s beltline. The 22-mile loop is nearly complete and developers are catching on.

TRENDING STORIES:

• Georgia court clerk accused of stealing at least $1.3M in fines over nearly a decade
• Auto store employee shoots customer multiple times in the store, killing him, family members say
• Cobb County parents charged with leaving children, 3 and 9, inside hot car while getting groceries

“People are kind of seeing what happened on the east side and kind of making predictions.” Carberry said.

Rent.com broke down trends by neighborhood. Atlanta’s Southside saw the largest increase, at 83%. Still, the cost of an average one-bedroom apartment will cost about $1,500 per month.

Compare that to Reynoldstown, in northeast Atlanta, with a 54% jump. A one-bedroom there costs about $2,000 a month.

The city of Atlanta is not the only place hit by increasing rent prices. On the same list, Marietta and Gainesvillle saw significant increases.

In some cases, people who continue to work remotely are using savings to search for a little more space.

“It’s really hard to work from home if you’re working on a kitchen table and you’re in a one-bedroom apartment, and you’re going on two years of that now.” Carberry said.

Carberry also said he does not see prices falling anytime soon, but he believes rent in Atlanta will start to even out more toward 2023.

[SIGN UP: WSB-TV Daily Headlines Newsletter]

IN OTHER NEWS:

Beloved McDonald’s manager shot by employee outside busy restaurant, police say Police search for man accused of shooting McDonalds story manager in SE Atlanta

©2022 Cox Media Group