The median one-bedroom rent in the city of Atlanta declined 2.4% month over month in December to $1,640, while Smyrna saw the greatest increase, a 4.9% jump to $1,490, the online listing agent said, citing an analysis of new listings that went live during the month.
Despite the declines, all seven metro locations in the survey saw year-over-year increases, led by Alpharetta, where the median rent surged 25.5% to $1,820. Alpharetta also had the most expensive rent, well above Sandy Springs, which had the second-highest rent, at $1,660.
Rent in the city of Atlanta, the third-priciest jurisdiction, was up 14.7% year over year.
The year-end figures come at a heady time for Atlanta’s multifamily market. Numerous apartment properties have changed hands in recent months, and construction of new communities is moving at a breakneck pace, both in Atlanta-proper as well as its suburbs.