It’s hard to miss all the development happening in Atlanta. Many of the projects underway are apartment buildings.
“Its grown significantly,” said midtown resident Israel Sandoval. “More apartment complex buildings are popping up now.”
Sandoval has lived in midtown for 11 years and said each year he finds himself paying more in rent.
“How much are you paying now?” asked reporter Ashley Thompson.
“$1830 a month,” he said. "and that’s for a one bedroom.
It’s a lot of money but it’s on trend with what’s happening in Atlanta. The rental website hot pads found that rents in Atlanta are rising three times faster than the national median. It says Atlanta’s median rent is $1491, up about five percent from this time last year.
John Parent with Promove said the report is pretty spot on.
“I’ve seen the days where we used to be able to get you a one bedroom for $800. Now that wont rent you a closet.”
Parent said a number of factors continue to drive prices up, including more young professionals moving to Atlanta, the Beltline, the movie industry and even just talk of Amazon coming to town. He said the most sought after areas include Poncey-Highland and midtown.
“Its easy to get around,” said Sandoval. “The grocery store is around the street. The MARTA station, I work out of the airport so i just hop on MARTA and go to work.”
According to the hot pads report, there’s a significant increase in the number of new rental listings over last year. Even so, rent prices continue to go up.
“Until occupancy subsides and the demand goes down I don't see the prices going down anytime soon,” parent said.
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