SAN FRANCISCO, March 28, 2018 /PRNewswire/ -- Atlanta rent prices are rising three times faster than the national median despite a significant increase in the number of new rental listings. Median rent in the city of Atlanta is $1,491, up 5 percent from a year ago, according to the inaugural HotPads® Rent Report.[i]
Annual rent appreciation in Atlanta has hovered between 4 percent and 7 percent since HotPads began tracking data in 2015, while national rent appreciation has stayed between 1 percent and 4 percent over the same period. Median rent across the U.S. is $1,418, a 1.6 percent increase over the past year.
Atlanta renters will have 71 percent more newly-available rental listings to choose from than a year ago, with Midtown and North Buckhead neighborhoods reporting especially large increases.[ii] The number of new rental listings renters can choose from in these two neighborhoods has doubled over the past year, with each neighborhood seeing rental inventory increases of over 150 percent.
Median rent for a one-bedroom in Atlanta rose at similar pace, up 4.9 percent to a median of $1,440. Among all Atlanta neighborhoods, Pine Hills reported the strongest rental appreciation among one-bedrooms – median rent rose 6.2 percent to monthly payment of $1,413.
"Atlanta's rents are quickly on the rise, outpacing San Francisco -- known for its incredibly competitive and expensive rental market," said Joshua Clark, economist at HotPads. "Right now, Atlanta's affordability is one of its selling points, especially as it competes for Amazon's attention for HQ2. However, if Atlanta's rent continues to appreciate at current levels, rental affordability could become a greater concern. Given that so many new rental listings have come online in the past year, and rent growth still hasn't let up, it's clear that the city is still seeing high demand."
Key Findings – Atlanta
Key Findings — Midtown
Key Findings — North Buckhead
Key Findings — Pine Hills
HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
[i] The HotPads Rent Report is a quarterly overview of the median rent and change in rental listing inventory within the city of Atlanta, as well as three of its neighborhoods: Midtown, North Buckhead and Pine Hills. Data are aggregated from rental listings on HotPads dating back to January 2014. The reports are compiled by the HotPads Economic Research team. HotPads tracks data for rental markets throughout the United States, but currently only produces reports for San Francisco, Chicago and Atlanta.
[ii] New listings include all rental listings added to HotPads within the quarter, excluding properties listed for rent more than once in the last 90 days.
SOURCE Hotpads, Inc.