How did the local rent markets close out the year?
The Atlanta rental market finished 2015 on active terrain, according to new analysis from Reis.
For the 12-month period ending in December, Atlanta rents rose 5.4 percent, more than the 4.6 percent national average and far behind cities such as San Francisco, where rents jumped 10.7 percent. However, Atlanta’s rent growth from the third quarter to the fourth quarter was a robust 1.1 percent, must faster than the national average of 0.8 percent and beyond most other cities.
Atlanta’s average effective rent, at $898.77, is still very competitive compared with the $1,179.22 national average, but the ATL’s rental market is still no picnic. More than 570,000 renter households throughout the area struggle with housing costs, according to the Joint Center for Housing Studies of Harvard University, and as long as rent increases continue to outpace incomes, such consumers will have a hard time making the shift from renting to owning.
See our graphic below for an idea of how our local rental market compares with other major markets: