Renting in Modern Atlanta

atlanta-juneteenth_article_story_mainJust like in the rest of the country, residential real estate in Atlanta is changing quickly as many people, especially those often-cited Millennials, move into more urban and metro areas seeking not just jobs but also all the excitement that living in a more densely populated area often brings. As a city with one of the highest rates of renters vs homeowners, Atlanta offers some interesting perspectives and insights into what renting in today’s market looks like and into why people choose to rent vs buy to begin with.

It  is interesting to note that over the past several years, the number of renters has greatly increased in the suburbs compared to Atlanta’s more urban areas. According to Rent Café, the number of suburban renters increased by about 25% from 2011 to 2015, more than 50,000 people, compared only about 15,000, or 10%, in urban areas. Atlanta is definitely an urban city of suburban sprawl, and with 61% of total renters in the suburbs and those areas capturing a lot of the rent growth it seems like it may stay that way for some time. Those suburban renters cite better schools, quieter communities, and lower rents ($1,277 urban vs $1,006 suburban averages) as reasons they choose to leave the city’s inner neighborhoods.

Some good news for all these Atlanta renters? Zillow says it anticipates that rent growth will, after years of hearty spikes, start to level off  around .9% nationwide in the coming year. Maybe that is why only 41% of current renters say they expect to move or have any interest in owning a home– the lowest number ever recorded according to a recent Freddie Mac survey. Times they are a’ changin’, but it looks like renting is here to stay, and that’s certainly true in Atlanta. 


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