ATLANTA — A new study shows rent in the metro Atlanta area is falling. Data from the nationwide real estate company Redfin shows the median rent was $2,055 in March -- which is 2.3 percent down from a year ago.
Over the past two months, real estate brokers like Aneetra Sherrell have watched rent prices return toward pre-pandemic prices.
"So, for $1,900, after two weeks, we may have had one showing. Then, I had a conversation with the owner about reducing it down to $1,750. And within three days, we did have an application that we accepted," Sherrell said.
Sherrell said during the pandemic, people were paying rent months in advance. Now, rental properties have been sitting on the market. So, landlords have no choice but to reduce rent.
"I think that it's just all over. And before we even list rental properties, we do look at the comparables," Sherrell said. "I'm seeing comparables that have been on the market for 30, 35 days. So, if you're under $1,600 right now, you're probably fine. You'll get a tenant within seven days."
Sherrell believes rent is going to keep going down.
"People, again, are being a little choosier with their money," Sherrell said. "If they can get a bigger house and potentially live together with a couple of families, then they'd rather put that money into that house."
Sherrell said she's seen the decrease all across the metro. However, other realtors and renters 11Alive talked with said they're not noticing the falling prices. Still, Sherrell said tenants should seize the moment.
"Landlords are being more adaptive and considering reducing rents," Sherrell said. "People can come in with rent offers. And we've done that in the past, even if we're asking $1,600. There's nothing stopping you from offering $1,500 or $1,550."