Welcome to the February 2015 Georgia Rental Price Monitor! The Peach State remains one of the nation’s most affordable places to live, though rent prices continue rising a bit faster than national averages. In this report, we’ll be looking at trends across the whole state as well as variations between cities.
Georgia rent prices
In Georgia, 1 bedroom rents increased by 0.4% between January and February, while 2 bedroom rents increased by 0.2% month-to-month. They are now up 6.1% and 4.9% over last year at average prices of $760 and $790, respectively. These figures are both lower than the respective national averages. The state’s 1 bedroom rent is $130 less or 15% lower than the national average price of $890 while 2 bedroom rents are $170 less or 18% lower than the national average of $960.
Top 10 most expensive cities
- North Atlanta: North Atlanta came in as the top most expensive city, with a 2 bedroom median rent price at $1,640. Rents are up 0.8% month-to-month and 6.8% year-to-year based on 2 bedroom units.
- Alpharetta and Atlanta: Alpharetta and Atlanta tied for No. 2 among the ten most expensive cities, with a 2-bedroom median price of $1,350. Alpharetta also had the fastest growth of 2-bedroom rents, with a 13.7% increase over last year.
- Dunwoody: Dunwoody had the 4th highest rents in February, with a median price tag of $1,310 for 2-bedroom rent. Dunwoody also saw a 5.4% growth in 2-bedroom rent over last year.
Top 10 cities with the fastest rent growth
- Tucker: After Alpharetta, Tucker ranked No. 2 of cities with the fastest rent growth at 11.9%, according to 2-bedroom figures. A 2-bedroom in Tucker carries a median price tag of $870, while a 1-bedroom goes for $760.
- Lawrenceville: This city has the third fastest rent growth at 9.8% when it comes to 2-bedroom rent. The median price for a 1-bedroom in Lawrenceville is $760, while a 2-bedroom goes for $900.
- North Druid Hills & Sandy Springs: Both cities ranked No. 4 of cities with the fastest rent growth of 9.4%. A 2-bedroom in North Druid Hills goes for a median price of $1,230, while a 2-bedroom in Sandy Springs costs $1,080.
|City||Avg Price – 1 Bed||MM Change – 1 Bed (%)||YY Change – 1 Bed (%)||Avg Price – 2 Bed||MM Change – 2 Bed (%)||YY Change – 2 Bed (%)|
|North Druid Hills||$910||0.1||7.1||$1,230||2.1||9.4|
Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1 bedroom and 2 bedroom rents in 100 top cities and then ranked them by 2 bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted.
About Rental Price Monitors:
Apartment List Metropolitan Rental Price Monitors cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top suburbs, and identify the top 10 most expensive neighborhoods. As always, our goal is to provide price transparency to America’s 105 million renters so that you can make the best possible decisions in choosing a place to call home. Apartment List will publish the Metro Rental Price Monitors during the first calendar week of each month.
About Apartment List:
Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws nearly 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.