It’s been common knowledge that Atlanta’s rental market is a relative steal, but is that still the case?
For some time now, Atlanta’s rental narrative has been one of remarkable consistency. Compared to other big cities, the narrative has gone, Atlanta’s rents are downright reasonable.
Did that trend continue in 2015’s first quarter, though? Courtesy of the latest trends report from Reis, we were granted an uncommonly detailed look at our local rental marketplace, and arrived at a unsurprising conclusion – Atlanta’s rental market remains very accessible.
First, take a look at the graph below, which shows how rent has grown in the U.S.’ largest metro areas from 2014’s fourth quarter to 2015’s first quarter:
Admittedly, a 0.7 percent quarterly gain is pretty decent, and is in line with markets such as Dallas, Denver and Miami, where rents have been soaring.
Average effective rents, though, are where Atlanta truly shines:
It’s rather amazing to consider that New York’s average rent is nearly four times that of Atlanta! Indeed, with the exception of Phoenix, no large metro area has a lower average effective rent than Atlanta.
And finally, here is a graph on the 12-month trend of rental growth:
Again, Atlanta’s rent growth is not the highest among the cities we sampled, but it’s still on the higher side, especially compared to Chicago’s 2.7 percent and Los Angeles’ 2.6 percent. Will such a trend continue into 2015? We’ll know when Reis’ releases its 2015 Q2 data in the summer.