ATLANTA — There's finally some good news for renters in metro Atlanta. After rates soared the past few years, they are slowly coming down -- at long last.
That's thanks in part to a wave of new construction, as new apartment buildings are popping up across the area.
“In the pipeline, there are 190,000 new units that are in some form of construction," said Oleg Konstantinovsky, who runs ProMove, a company that connects renters with apartment communities in Georgia.
According to apartment data tracker ALN, the supply of units in the Atlanta area is outpacing demand. Konstantinovsky said that's good for renters because competition can create affordability.
In April 2020, the average rate to rent a one-bedroom apartment in metro Atlanta was $1,267. By the same time in 2022, rent had spiked to $1,622. In April 2024 the market rate had fallen slightly to $1,607. But many renters are paying even less, as apartment communities and landlords are offering other big concessions.
Some apartment communities and landlords are offering anywhere from one to three months of free rent to increase occupancy.
“You can prorate and average out the rent and really lower your payment by a good amount,” Konstantinovsky said.
With tenants 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 a lot more construction planned, Konstantinovsky said rental rates might continue to level as competition increases.
Another expert that 11Alive spoke with said when the demand for homes starts increasing, it will take away from the rental market, which could also help push rent prices down.