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Metro Atlanta rents have increased almost 3 times faster than wages since 2019, study finds – WSB-TV Channel 2

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Metro Atlanta rents have increased almost 3 times faster than wages since 2019, study finds – WSB-TV Channel 2

ATLANTA — A study of U.S. rental prices and wage growth by real estate company Zillow shows rents have continued to rise faster than the amount paid to renters since 2019.

While the national average showed rents increasing 1.5 times faster than wages in the United States, in Atlanta, rent prices were increasing almost twice as fast as wages in the metro, even before the COVID pandemic.

Zillow and its analytics partner StreetEasy reported that rents in metro Atlanta were 2.92 times faster than wage growth, with rents increasing 35.6% compared to a wage increase of just 12.2 %.

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However, from 2022 to 2023, rents and wages both increased by 0.2%, according to the study.

“An analysis of rental data from Zillow® and StreetEasy®, combined with salary data from the U.S. Bureau of Labor Statistics, shows that since the pandemic, rent growth has far outpaced wage growth in 44 of the 50 most major U.S. metropolises,” the report said. study reported.

Atlanta’s rent growth levels place it in the top 10 for highest rent-to-wage growth rates in the analysis. Among the top 10 metro areas in terms of the gap between wage and rent growth, Atlant ranks sixth.

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