The median rent for a one-bedroom apartment in Atlanta rose 6.4% year over year and 1.4% month over month to $1,500 in March, putting the city in a tie with Seattle for 16th place by rent nationwide, online listing agent Zumper said in a report.
The median U.S. rent rose 1.8% year over year and 1.1% month over month to $1,240.
In Georgia, where the median one-bedroom rent was $1,075, Sandy Springs apartments were the most expensive, at $1,600 per month, followed by Atlanta and Alpharetta, where the median rent for a one bedroom was $1,420.
Gainesville, Stockbridge and Decatur had the fastest-growing rents, which rose 23.2%, 19.8% and 17.8%, respectively. Decatur and Stockbridge also had the fastest monthly increases in rent, at 5.2% and 5 %, respectively.
Smyrna was the only locality in Georgia to post negative rent growth in the survey, at -6%.
The strong rents in Atlanta follow a recent CommercialSearch report that indicated the city’s multifamily market was among the hottest in the nation for landlords, with 2,134 transactions between 2009 and 2020, the second-highest number of deals after Dallas-Fort Worth, Texas.
A year ago, Atlanta rents were on a downward trajectory, declining 1.4% on a monthly basis and 6% on an annual one.