Atlanta ranks 2nd-best city in nation for renters
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A report released by RentCafe ranks Atlanta as the second-best city in the country for renters in 2024.
Why it matters: Metro Atlanta's housing crisis is forcing many homebuyers out of the housing market and toward renting, due partially to companies buying affordable homes and converting them into rentals.
How it works: RentCafe ranked 149 cities in its "best cities for renters" list by analyzing 20 metrics based on data from the Yardi Matrix real estate firm, the 2023 Cost of Living Index, the Census Bureau, the Bureau of Labor Statistics and other resources.
- They reviewed cities that have at least 50,000 people and an apartment stock of at least 10,000 units.
Zoom in: RentCafe says Atlanta ranks fourth out of 149 cities for its local economy.
- Atlanta is ninth for housing and cost of living, and 23rd for quality of life, according to RentCafe.
What they're saying: RentCafe says Atlanta has "a career-focused mindset with numerous entrepreneurship opportunities," "steady income growth for renters" and "plentiful" job opportunities supported by major employers.
- "With a cost of living below the national average, large apartments (more than half of which are high-end) and plenty of opportunities to get involved in the community, it's no that wonder the city is such an attractive destination for many renters," RentCafe writes.
Follow the money: 11Alive reported in May that apartment data tracker ALN found the average rent for a one-bedroom apartment in metro Atlanta was $1,607 in April, slightly down from $1,622 in April 2022.
Yes, but: Zillow reported in May that rent increased 23.4 percentage points faster than wages in metro Atlanta between 2019 and 2023.
- Plus, metro Atlanta realtor Zoey Williams previously told Axios that renting isn't necessarily more affordable than buying a home in the current market.
The big picture: Atlanta real estate agent Glennda Baker told Axios that Atlanta is saturated with rentals because "the institutional buyer has bought over 60%" of the homes priced under $500,000 to use as rentals.
- Baker said this is basically "road blocking" the first-time homebuyer, the veteran and the everyday buyer from homeownership, making them renters.
- "In other words, Wall Street is making Atlanta renter nation for the first-time homebuyer and the average Joe," Baker said.