May 13th 2024.
A recent report from Zillow, a real-estate marketplace company, has shed light on the concerning trend of rent prices in Atlanta outpacing wage growth. According to WSBTV, since the start of the COVID-19 pandemic, rent in Atlanta has been increasing at a rate almost three times faster than wages in the metro area. From 2019 to 2023, rent has seen a staggering 35.6% increase, while wages have only risen by 12.2%.
Interestingly, this trend was mirrored nationally until 2022, when major metro areas saw a 30.4% increase in rent and a 20.2% increase in wages. However, in 2023, the trend took a turn. While rent continued to rise by 3.4%, wages saw a larger increase of 4.3% in most major metro areas. Unfortunately, this was not the case in Atlanta. The report revealed that in the last year, rent went up by a mere 0.3%, while wages increased by only 0.2%.
The report cites the increasing demand for rental properties from the millennial generation and Gen Z adults as a major contributing factor to this rent hike. With a shortage of available housing, rent prices have skyrocketed. However, Zillow also notes that the nationwide trend may have improved due to the construction of more multifamily properties, which has helped to meet the demand for apartments and keep rent growth in check.
These findings have sparked conversation among Atlanta residents, who have taken to social media to share their personal experiences. One user shared how they had moved to Atlanta in 2019, only to find a significant increase in rent prices when they returned in 2022. They noted that the average rent for a high-rise apartment in popular areas like Ponce City Market, Midtown, and Buckhead had gone up from $1.1K-$1.4K to $1.6K-2.2K.
Another user expressed their frustration at the rising rent prices in Atlanta, claiming that it is now just as expensive as DC. They were shocked to find an apartment in Duluth, a suburb of Atlanta, listed for $1800. This user stressed the need for rent control in Georgia.
Others chimed in, sharing their own experiences and observations. One user pointed out that for many years, Atlanta has not been known for high wages, and it has become increasingly difficult to make ends meet. They added that even two jobs are not enough to cover the cost of living, and one needs to earn at least $85,000 per year to live comfortably in the metro area.
With rent prices on the rise in Atlanta, it is clear that action needs to be taken to address this issue. As the report from Zillow highlights, the demand for rental properties is only going to continue to grow, and it is crucial to find solutions that will help make housing more affordable for all residents.
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