Tight housing markets in metro Atlanta and other parts of the country are driving up rents, according to the latest survey by Zillow, the online housing marketplace.
Zillow reports rents collected in metro Atlanta were up nearly 6 percent last year, compared with 2013. That’s $7.2 billion collected in 2014, compared with $6.8 billion the previous year. The average renter paid about $30 more a month last year.
While this is great news for owners of rental properties and investors, it’s a blow to renters who haven’t seen a corresponding increase in income. It’s also a setback for renters trying come up with a down payment on a home, according to Zillow Chief Economist Stan Humphries, who expects to see more of the same in 2015.
“[We] expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen [in 2014] isn’t out of the question. In fact, it’s probable,” Humphries said in releasing the report.
Nationally, Americans shelled out $20.6 billion more in rent in 2014 compared with 2013, Zillow reported.
Rents jumped 13.5 percent in San Francisco last year, the highest among the country’s 25 largest metropolitan areas. San Francisco renters paid about $163 more last year, compared with 2013.