Metro Atlanta renters facing rising costs: Rents rising dramatically in metro Atlanta (Avera: apartment, renter)

[Born 2 Roll]

Rents are rising significantly and sometimes even dramatically for both residential and commercial tenants in metro Atlanta.

Rental rates are on the rise and according to an economist with Zillow, there is no relief in sight.

“What we’ve experienced really over the last couple of months has been this huge increase in rent prices. Double digit increases for one thing, but in Atlanta over 20% yearly appreciation in rent prices,” Zillow economist Nicole Bachaud said.

Bachaud told CBS46 that renters will most likely encounter an even bigger bump in rent this summer during the rental craze when many people's leases are up for renewal.

Metro Atlanta renters facing rising costs (CBS46 Atlanta)


Rents rising dramatically in metro Atlanta (YouTube/CBS46 Atlanta VIDEO)

[Atlanta-Native]

Crazy market for sure. Apartment renters have no leverage.

[Smocaine]

Originally Posted by Atlanta-Native

Crazy market for sure. Apartment renters have no leverage.

I'd rather be a renter than a home-buyer right now...

[Atlanta-Native]

Originally Posted by Smocaine

I'd rather be a renter than a home-buyer right now...

Understandable. But think how many now wish that they had purchased a home two years ago. They would be loving the appreciation. Apartment renters are now likely to be paying hundreds more a month in rent, than if they had a mortgage, with nothing to show for at the end of the day.

[Smocaine]

Originally Posted by Atlanta-Native

Understandable. But think how many now wish that they had purchased a home two years ago. They would be loving the appreciation. Apartment renters are now likely to be paying hundreds more a month in rent, than if they had a mortgage, with nothing to show for at the end of the day.

Raises are getting handed out like candy these days, so modest increases in rent aren't a huge deal at the moment (although rent prices in Atlanta are indeed a joke in terms of a value proposition, but that's neither here nor there). I'd rather get the screws turned on me for a couple of years in rent prices during the death throes of an asset bubble than be tied down to an underwater mortgage on some nothing house in a useless part of metro Atlanta.

[Atlanta-Native]

Originally Posted by Smocaine

Raises are getting handed out like candy these days, so modest increases in rent aren't a huge deal at the moment (although rent prices in Atlanta are indeed a joke in terms of a value proposition, but that's neither here nor there). I'd rather get the screws turned on me for a couple of years in rent prices during the death throes of an asset bubble than be tied down to an underwater mortgage on some nothing house in a useless part of metro Atlanta.

Average rent for a 974 sf apartment in Atlanta is $1,790. If you want to rent in Collier Hills, Atlantic Station, Ansley Park, Piedmont Park etc., you're looking at $2,381/month. That's just stupid.

Had you bought 2 years ago, you wouldn't have to worry about being underwater. If you bought today, depending where you bought, that could be an issue, but still unlikely if you are in a good area.

According to that clip, rates are going to continue to rise, possibly as much as $300 more per month. Could you imagine paying over $2,000/month for a very "average" 974 sf apartment? That's awful.

The question then becomes, do you eat the $300 extra per month, or move a little further out, or to a less desirable in-town location?

Home values have increased over 16% in the last year and over 74% over the last 5 years!!! That's one hell of an investment.

[Smocaine]

Originally Posted by Atlanta-Native

Average rent for a 974 sf apartment in Atlanta is $1,790. If you want to rent in Collier Hills, Atlantic Station, Ansley Park, Piedmont Park etc., you're looking at $2,381/month. That's just stupid.

Had you bought 2 years ago, you wouldn't have to worry about being underwater. If you bought today, depending where you bought, that could be an issue, but still unlikely if you are in a good area.

According to that clip, rates are going to continue to rise, possibly as much as $300 more per month. Could you imagine paying over $2,000/month for a very "average" 974 sf apartment? That's awful.

The question then becomes, do you eat the $300 extra per month, or move a little further out, or to a less desirable in-town location?

Home values have increased over 16% in the last year and over 74% over the last 5 years!!! That's one hell of an investment.

974 sq ft? Sheeeeeeesh! You might as well tell me what the going rate for a Bavarian castle is. In my world of 450-600 sq ft, we're still firmly in the $1,400-$1,800 range. If you have a good STEM career, it's an annoyance for what you actually get, yes, but negligible. A hoom is likely the worst thing to do with your money right now. Me? I like taking bearish options positions on bad tech stocks. I've made a year's worth of rent shorting ARKK calls, but what do I know...

[Atlanta-Native]

Originally Posted by Smocaine

974 sq ft? Sheeeeeeesh! You might as well tell me what the going rate for a Bavarian castle is. In my world of 450-600 sq ft, we're still firmly in the $1,400-$1,800 range. If you have a good STEM career, it's an annoyance for what you actually get, yes, but negligible. A hoom is likely the worst thing to do with your money right now. Me? I like taking bearish options positions on bad tech stocks. I've made a year's worth of rent shorting ARKK calls, but what do I know...

Buying a home right now, you're definitely buying at the peak. Had you bought a house 5 years ago, you'd be loving life.

Had you bought a 500K house 5 years ago, on average, it'd be worth 875K today. That's fantastic.

[Datdudebrah]

Atlanta's changing rapidly and still priced lower than any comparable city. I think we're just at the beginning of what's going to happen here.

[Smocaine]

Originally Posted by Datdudebrah

Atlanta's changing rapidly and still priced lower than any comparable city.

Nope. Atlanta's comps are Phoenix and Wichita and it's being priced like it's Brooklyn. We're at the end of a bubble, nothing more.