Why rent prices are falling in Atlanta

ATLANTA — There’s finally some good news for renters in metro Atlanta. After rates soared in recent years, they are slowly falling – finally.

This is due in part to a wave of new construction, as new apartment buildings are popping up in the area.

“In the pipeline, there are 190,000 new units that are being built,” said Oleg Konstantinovsky, who runs ProMove, a company that connects renters with apartment communities in Georgia.

According to apartment data tracking system ALN, the supply of units in the Atlanta area exceeds demand. Konstantinovsky said that’s a good thing for tenants because competition can create affordable prices.

As of April 2020, the average rate to rent a one-bedroom apartment in metro Atlanta is $1,267. By the same time in 2022, the rent had jumped to $1,622. By April 2024, the market rate had fallen slightly to $1,607. But many renters pay even less because apartment communities and landlords offer other significant concessions.

Some apartment communities and landlords offer one to three months of free rent to increase occupancy.

“You can prorate the rent and average it out and significantly reduce your payment,” Konstantinovsky said.

With renters having a bit of an upper hand, experts say it’s a great time to shop around and find the best deals and amenities.

Still, the cost of rent remains unaffordable for many Atlantans, but the downward trend offers some hope.

With much more construction planned, Konstantinovsky said rental rates could continue to stabilize as competition intensifies.

Another expert 11Alive spoke with said that when demand for housing starts to increase, it will put a strain on the rental market, which could also help drive down rent prices.