The number of renting households declined for the first time in 14 years

by Rincey Abraham

While the number of renters now outpaces homeowners — with about one-third of the country’s population living in rentals — 2017 saw the first year of a slight decline in renting households since 2004, according to a recent report from Harvard University’s Joint Center for Housing Studies.

In its annual rent report, ABODO found that despite a slight dip in the number of renters, rent prices increased across the country this year, with the national median rent for one-bedroom units increasing by 2.4 percent. Two-bedroom rentals were 3 percent higher by the end of 2017 than they were in the beginning.

Atlanta saw a 1.8 percent increase in average one-bedroom monthly rent, with costs increasing to $1,408 by the end of the year. Average two-bedroom monthly rent also rose by 2.3 percent over the course of the year, finally leveling out at $1,772. So far in 2018, median two-bedroom rent has enjoyed a slight 3.3 percent decline — by the end of December, the median rent was $1,856 for two-bedroom complexes, and already it’s down to $1,795 in 2018.

Including the District of Columbia, 28 states saw their rental prices increase over the course of 2017. Georgia as a whole saw an average rental price of $868 across the state.