Report: Atlanta rent increases are (gulp) outpacing San Francisco

[brown_dog_us]

Originally Posted by Born 2 Roll

Metro Atlanta real estate executive Norman Radow, CEO and founder of multifamily housing development firm RADCO, says that rising Intown rents are causing some Millennials to move to the suburbs in search of lower housing costs and a suburban lifestyle that they are comfortable with from growing up there...

"Q&A: Real estate investor raps metro Atlanta’s ‘suburban renaissance’
...“Most millennials grew up in the suburbs, and they are comfortable there,” says Norman Radow" (Curbed Atlanta)
https://atlanta.curbed.com/2018/4/9/...an-renaissance

Nice article. It might be how the article was edited, but he seems to contradict himself a bit. On one hand people are fleeing because rents are so high ITP, but later he mentions rents are higher at Avalon and other places. I think he is saying that blue collar people are moving out through his I85 apartments while trendy avocado toast eaters are moving along 400.

btw, the comments section is hilarious.

[southkakkatlantan]

Originally Posted by DreamerD

Dude...I care that house prices/rent are increasing but I still see myself moving out of state/going abroad. For me it wouldn't be because of Atlanta/the Metro area's cost of living/wages (althoughyears from now it may be a factor). I haven't figured out how I'll live abroad as I am no longer doing education but so far I'm considering working for a multinational company based in the U.S. If I could find one in Atlanta, that would be ideal as I'd start in Atlanta and then request a transfer or maybe I could move to another city and then transfer.

Interesting game plan...I like it. Any idea on where you'd prefer to be abroad?

[southkakkatlantan]

Originally Posted by brownhornet

I was just granted the ability to work from home full time. Can't lie, seriously considering leaving.

I was living in Chicago and was granted the ability to work from home last year so that I could move back to Atlanta.


Now I'm back and totally uncertain on how long I'll stay.


I've considered buying something here (eventually) to serve as a "home base" and rent out while working in other locations for the majority of the year (if I could get approved to do such a thing). I've just got that itch to see other places and it isn't wearing off it seems. Although I do feel my current rent in Buckhead isn't all that bad. And I also feel I could still buy a place here at a reasonable price as well.


Just not sure I want to "settle" here...or "settle" at all really. Not that there's anything bad about Atlanta (outside of traffic of course).

[DreamerD]

Originally Posted by brownhornet

Atlanta is cool but to be honest the only selling point for me was the low cost of living.

The cost of living years ago was a lot more affordable but the industry I was in literally paid almost minimum wage, which is crazy given you can almost earn 1.5 times more elsewhere. Even if I had been paid 15 an hour, still wouldn't have been able to afford a place on my own.

I like the little things like big roads and when you park in Atlanta, the signs are actually understandable. I like that there are places I go in Atlanta and they have decent parking lots/garage.

[DreamerD]

Originally Posted by Born 2 Roll

Metro Atlanta real estate executive Norman Radow, CEO and founder of multifamily housing development firm RADCO, says that rising Intown rents are causing some Millennials to move to the suburbs in search of lower housing costs and a suburban lifestyle that they are comfortable with from growing up there...

"Q&A: Real estate investor raps metro Atlanta’s ‘suburban renaissance’
...“Most millennials grew up in the suburbs, and they are comfortable there,” says Norman Radow" (Curbed Atlanta)
https://atlanta.curbed.com/2018/4/9/...an-renaissance

It's true. The only millennials I know about who could afford to buy a property in Atlanta years ago during the recession had parents who bought the house for them. To be honest, a lot of the millennials I know I'm pretty sure have wealthy parents and that's why they can afford a place in Atlanta because they're not paying for that mortgage on their own.

[DreamerD]

Originally Posted by southkakkatlantan

Interesting game plan...I like it. Any idea on where you'd prefer to be abroad?

Good question...I dunno but I've always wanted to visit New Zealand, S. Korea, etc. For some reason the U.A.E. is on my mind....maybe Dubai. Of course I would not plan on living there permanently but I want to travel more. It's very diverse over there and I have found that the people are more social.

[DreamerD]

Originally Posted by southkakkatlantan

I was living in Chicago and was granted the ability to work from home last year so that I could move back to Atlanta.


Now I'm back and totally uncertain on how long I'll stay.


I've considered buying something here (eventually) to serve as a "home base" and rent out while working in other locations for the majority of the year (if I could get approved to do such a thing). I've just got that itch to see other places and it isn't wearing off it seems. Although I do feel my current rent in Buckhead isn't all that bad. And I also feel I could still buy a place here at a reasonable price as well.


Just not sure I want to "settle" here...or "settle" at all really. Not that there's anything bad about Atlanta (outside of traffic of course).

That's so funny dude. I actually envision myself buying a property in the Metro Atlanta area because I don't believe in paying rent for how many years. But then I think to myself, maybe I'll want to leave by then. If I buy a house, I'd at least want to stay there a few years. Moving out of state and renting a property can be daunting if you don't have a trustworthy agent who checks on things for you, but it's a great source of income and I know people who do it. It's a good idea but I'd just make sure I have a good real estate agent.

[ATLTJL]

Modera Morningside (now Morningside Atlanta by Windsor) is offering 2 months free rent on 12 month leases.

They have studios as low as $1300, less than mine at Biltmore at Midtown, and amortized free month 1 or 2 would lower that further.

The problem with these rent specials is that by giving you two free months, they aren't really taking anything off market. So at the end of the lease, they may say, "great news, your rent is only going up 2%!" But that's 2% from the market, not 2% more than you've been paying due to the pro-rated free months.

Of course, some complexes won't really jump the rent that high, it all depends on whether they think they can rent it to someone else at that rate. However, many don't seem to factor in the benefit of keeping a renter who they know pays on time and saving the cost of turning the apartment over. They will definitely not pass that savings onto renters to get them to renew.

One very dangerous thing about renting is you can get in the game of cat and mouse where you are always chasing specials, perhaps moving every year. Maybe not a big deal if you don't have a lot of possessions, but nobody I know actually LIKES to move.

The fact of the matter is, whenever you rent, you are rolling the dice at the end of your lease. Your new rent is going to go up to whatever the landlord thinks market value is and they don't really car whether it is you or someone else paying it. So if you think the housing market is going to go up faster than your earning potential (likely), you really just get more and more house poor each year as a renter.