ATLANTA — It seems everywhere you look around metro Atlanta these days, there's construction – or advertising – for rentals.
But all these new places to call home are coming with a hefty price tag. And even though there are more available rentals, 11Alive's Natisha Lance found it's a concern for many. In fact, we heard about the fear of losing affordable housing during the most recent mayor's race in Atlanta.
According to 11Alive's research, there are almost twice as many rental options this year compared to last, but rent prices are still soaring. The cost has shot up so high, Atlanta is being compared to San Francisco, which has gotten a bad reputation for its high-priced housing.
So what's going on in Atlanta? 11Alive spoke to Aaron Terrazas, an economist with HotPads. The company recently did a study on Atlanta rent costs.
"I think Atlanta’s rent growth has very much been driven by population growth and by job growth, particularly in the urban core," Terrazas explained. "You are seeing kind of pockets of new construction in Atlanta. That said, new construction comes in and has always come in at a relatively high price point. It takes a while for that to kind of become more affordable stock."
One place seeing the biggest surge in prices is in East Atlanta Villiage, where rent for a 1-bedroom is up 10.9 percent in the last year. On average, folks there can expect to shell out an average of $1,700 a month for rent.
That price almost rivals that of Midtown, where rent now sits a little above $1,800 monthly. That price is up 2.4 percent from a year ago in that part of town.
North Buckhead saw a little increase – just about 1.7 percent from last year. Rent there now tops about $2,500 a month. One interesting caveat there, though, is even though rent is rising in north Buckhead, experts say there are more available listings in that area online.
It's even more shocking for places like Morningside, already known for being a bit pricey. Rentals there are going for an average $3,600 a month.
The bad news: Experts predict rent will continue to go up in the next year because the demand will be higher, especially if more people move here and more jobs (like Amazon) come to the city.
The silver lining to all this, albeit a small one: Even though Atlanta's rent prices are skyrocketing, it is still much more affordable to live in than other big cities.
LIST: The Best Places to Live in Atlanta
Here's the full list of neighborhoods and their increases:
Neighborhood Name: Venetian Hills
Year: 2018
Median Rent: $1,086
Change in Median Rent Year-Over-Year: 17.5%
Neighborhood Name: East Atlanta
Year: 2018
Median Rent: $1,700
Change in Median Rent Year-Over-Year: 10.9%
Neighborhood Name: Reynoldstown
Year: 2018
Median Rent: $1,417
Change in Median Rent Year-Over-Year: 10.8%
Neighborhood Name: Underwood Hills
Year: 2018
Median Rent: $1,699
Change in Median Rent Year-Over-Year: 10.6%
Neighborhood Name: Peachtree Heights West
Year: 2018
Median Rent: $2,007
Change in Median Rent Year-Over-Year: 9.4%
Neighborhood Name: South River Gardens
Year: 2018
Median Rent: $1,139
Change in Median Rent Year-Over-Year: 9.2%
Neighborhood Name: Inman Park
Year: 2018
Median Rent: $2,212
Change in Median Rent Year-Over-Year: 8.2%
Neighborhood Name: West End
Year: 2018
Median Rent: $1,209
Change in Median Rent Year-Over-Year: 8.0%
Neighborhood Name: Arlington Estates
Year: 2018
Median Rent: $1,000
Change in Median Rent Year-Over-Year: 7.8%
Neighborhood Name: East Chastain Park
Year: 2018
Median Rent: $2,177
Change in Median Rent Year-Over-Year: 7.6%
Neighborhood Name: Mozley Park
Year: 2018
Median Rent: $914
Change in Median Rent Year-Over-Year: 6.2%
Neighborhood Name: Thomasville Heights
Year: 2018
Median Rent: $865
Change in Median Rent Year-Over-Year: 5.6%
Neighborhood Name: Oakland City
Year: 2018
Median Rent: $903
Change in Median Rent Year-Over-Year: 5.6%
Neighborhood Name: Old Fourth Ward
Year: 2018
Median Rent: $1,496
Change in Median Rent Year-Over-Year: 5.2%
Neighborhood Name: Cross Creek
Year: 2018
Median Rent: $1,382
Change in Median Rent Year-Over-Year: 5.2%
Neighborhood Name: Morningside - Lenox Park
Year: 2018
Median Rent: $3,646
Change in Median Rent Year-Over-Year: 4.4%
Neighborhood Name: Mays
Year: 2018
Median Rent: $1,155
Change in Median Rent Year-Over-Year: 4.1%
Neighborhood Name: Fairburn Heights
Year: 2018
Median Rent: $924
Change in Median Rent Year-Over-Year: 3.5%
Neighborhood Name: Dixie Hills
Year: 2018
Median Rent: $903
Change in Median Rent Year-Over-Year: 3.3%
Neighborhood Name: Downtown
Year: 2018
Median Rent: $1,484
Change in Median Rent Year-Over-Year: 2.8%
Neighborhood Name: Pine Hills
Year: 2018
Median Rent: $1,705
Change in Median Rent Year-Over-Year: 2.6%
Neighborhood Name: Chastain Park
Year: 2018
Median Rent: $4,817
Change in Median Rent Year-Over-Year: 2.4%
Neighborhood Name: Midtown
Year: 2018
Median Rent: $1,835
Change in Median Rent Year-Over-Year: 2.4%
Neighborhood Name: Greenbriar
Year: 2018
Median Rent: $1,000
Change in Median Rent Year-Over-Year: 2.3%
Neighborhood Name: Perkerson
Year: 2018
Median Rent: $817
Change in Median Rent Year-Over-Year: 1.7%
Neighborhood Name: North Buckhead
Year: 2018
Median Rent: $2,428
Change in Median Rent Year-Over-Year: 1.7%
Neighborhood Name: Polar Rock
Year: 2018
Median Rent: $886
Change in Median Rent Year-Over-Year: 1.4%
Neighborhood Name: Browns Mill Park
Year: 2018
Median Rent: $941
Change in Median Rent Year-Over-Year: 1.2%
Neighborhood Name: Virginia Highland
Year: 2018
Median Rent: $2,500
Change in Median Rent Year-Over-Year: 1.2%
Neighborhood Name: Candler Park
Year: 2018
Median Rent: $1,911
Change in Median Rent Year-Over-Year: 1.2%
Neighborhood Name: Druid Hills
Year: 2018
Median Rent: $1,656
Change in Median Rent Year-Over-Year: 0.8%
Neighborhood Name: Garden Hills
Year: 2018
Median Rent: $2,626
Change in Median Rent Year-Over-Year: 0.8%
Neighborhood Name: Adamsville
Year: 2018
Median Rent: $931
Change in Median Rent Year-Over-Year: 0.6%
Neighborhood Name: Midwest Cascade
Year: 2018
Median Rent: $1,539
Change in Median Rent Year-Over-Year: 0.6%
Neighborhood Name: Lenox
Year: 2018
Median Rent: $1,689
Change in Median Rent Year-Over-Year: 0.5%
Neighborhood Name: Mt. Paran - Northside
Year: 2018
Median Rent: $6,165
Change in Median Rent Year-Over-Year: 0.5%
Neighborhood Name: Cascade Heights
Year: 2018
Median Rent: $1,005
Change in Median Rent Year-Over-Year: 0.3%
Neighborhood Name: Pittsburg
Year: 2018
Median Rent: $881
Change in Median Rent Year-Over-Year: 0.3%
Neighborhood Name: Florida Heights
Year: 2018
Median Rent: $879
Change in Median Rent Year-Over-Year: 0.2%
Neighborhood Name: Springlake
Year: 2018
Median Rent: $3,152
Change in Median Rent Year-Over-Year: 0.1%
Contributing: Ann Smajstrla
