You paying more rent? You’re not alone

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.

for rent

Zillow reports rents collected in metro Atlanta were up nearly 6 percent last year, compared with 2013. The average renter paid about $30 more a month last year.

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.

Reader Comments 0

5 comments
MANGLER
MANGLER

The tens of thousands of apartments that opened last year and that are coming onto the Atlanta market this and next year will help solve that problem.  Once buildings drop from near full occupancy back down into the 80's, the deals will return and prices will drop a little in the non highest tier properties.

Then the developers will switch back to multi-family condo buildings.  

Lather, rinse, repeat.

DontTread
DontTread

Well if you're the type that says home ownership is an outdated notion, keep paying that rent and keep living by someone else's rules.  Enjoy.

DrGonzo
DrGonzo

So buy a house and get screwed or continue renting and get screwed. Screwed either way.

MANGLER
MANGLER

@DontTread It's not outdated.  However, unless I'm comfy that my job will last 5 to 10 years or more, I'm not interested in settling down in a city.  That's the new employment reality facing most younger workers.