New apartment buildings and mixed-use developments are sprouting up in every corner of the city, but the extra supply does not mean that rents are on their way down. Au contraire! Apartment List's Atlanta Rental Price Monitor for June shows that the average one-bedroom in the city of Atlanta (no suburbs) went from $970 to $1,100 between December and today. Two bedrooms jumped from $1,060 to $1,330. The report notes that Atlanta metro rental prices for two-bedroom units jumped 6.3 percent in the last year, compared to 2.7 percent nationally. There are, of course, some neighborhoods where the rent is not too damn high... at least not yet.
The study lists Buckhead Village as the most expensive neighborhood for rentals in the metro area, a ranking that surprises no one. A two bedroom there will run you an average of $2,380/month. Atlantic Station, with an average rent increase of $390 in the last six months, came in second. Inman Park, which held the number two position in December, slid down to number five with a average rent increase of just $120.
Look outside the city limits and you'll find several cities with rent lower than the Atlanta average: Sandy Springs, Smyrna, Duluth, Marietta, Norcross, Stone Mountain and even (surprisingly) Decatur. The only place that got cheaper, year over year, was Stone Mountain. Rents in Marietta and Sandy Springs increased by the largest percentage.
Two Georgia cities, Johns Creek and Peachtree City, were actually more expensive than Atlanta. Renting in Dunwoody costs the same as living in the ATL.