There are a lot of reasons why people rent versus buying a home. Often times it comes down to budgeting. Some people assume renting requires less upfront capital than buying a home. However, with recent rent trend reports from companies like Zillow and Apartment List, year-over-year rental rates are up and continuing to rise.
Zillow took a look at the national median monthly rent rates in a report that came out this month and since February 2018, rates had gone up 2.8% year-over-year. The median rental price currently sits at $1,445 for a one-bedroom apartment.
Apartment List released a more localized look at Georgia and metro Atlanta and the increases are even more extreme:
| Location | Year over Year Change |
| National Average | 3.4% |
| Georgia | 3.8% |
| Atlanta | 2.2% |
| Roswell | 5.8% |
| Alpharetta | 2.2% |
| Marietta | 6.5% |
| Smyrna | 4.2% |
| Mableton | 5.8% |
| Newnan | 3.0% |
| Douglasville | 6.3% |
| Kennesaw | 3.8% |
| Lawrenceville | 1.6% |
| Duluth | 5.1% |
According to their findings, only Atlanta, Newnan, and Lawrenceville did not outperform the national average. Marietta and Douglasville were standouts with an over 6% increase to rental costs. In Cobb county, the median two bedroom costs almost $110 more than it does in Atlanta per month.
With almost 12,000 new apartments built in metro Atlanta in 2017, the luxury apartment offerings have gotten widespread. Large property management conglomerates from the northeast and out west have invested in the Georgia market due to the lower cost of land. With numerous high-end rentals, it has driven the price up across the metro area.
For more industry news about the state of the housing market, visit our Buyers' Topics today.
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