Here's how much apartment space you get for $2,000 in Atlanta
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A monthly rent of $2,000 can get you a 1,266-square-foot apartment in metro Atlanta, which is bigger than the national estimate of 1,103 square feet, according to a new Redfin report.
Why it matters: Across the country, renters with that budget can afford 70 more square feet than they could in 2022 when rents peaked — enough for a small office, Redfin states.
What they're saying: Brand-new apartments flooded the market over the past few years, helping to slow rent hikes.
- "Renters are getting more bang for their buck than they were during the pandemic because asking rents have since stabilized below their record high and incomes have continued to climb," Redfin senior economist Sheharyar Bokhari wrote in the report.
Between the lines: As of October, the median asking rent, or the cost of a new lease, was $1,550 in Atlanta and $1,615 nationwide, per the report.
- Researchers analyzed apartments in buildings with five or more units that were listed on Redfin.com or Rent.com between last August and October.
Reality check: Many people are putting more money towards their rent.
- Just over a quarter of U.S. renters spend more than half of their income on housing, census data shows.
- In Atlanta, that number climbed to 1 in 3 people.
What we're watching: As people postpone home purchases, increased apartment demand and less apartment construction pave the way for higher rents.
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