Metro Atlanta renters facing rising costs: Rents rising dramatically in metro Atlanta (Washington: mortgage, house)

[walker1962]

Originally Posted by First24

I think a key factor left out of The Federalist article posted above is the impact large investment firms are having on the real estate market by out-bidding private individuals for SFHs and also developing entire subdivisions for rentals only.

The Washington Post, just yesterday printed an article on Investor group/companies impact across over 3 dozen metro areas. Also, 60 minutes a week ago did a feature on the same thing, interviewing the CEO of Tricon Residential.

[walker1962]

Originally Posted by testa50

Atlanta having higher rent to house price ratios than Austin would imply Atlanta's housing market is less overvalued than Austin's. It's much harder for rent to get overvalued (since all the rentals turn over yearly) than purchased housing (since only a small minority of it changes hands). If rent climbs too high, then investors will buy houses and convert them to rentals.

Overall housing starts are a better indicator than new apartments delivered, since houses can be converted to rentals (and are often built as rentals these days).

ATL metro area is #6 in new building permits during 2021, behind Dallas, Houston, NY, Phoenix, and Austin. That puts us ahead of Philly, Denver, DC, LA, and SF. We're having about the level of new residential development that you'd expect.

one thing to consider in where Atlanta or any other market's building permits is population growth and total MSA size. ATL is growing and has grown much better than Philly and is twice the size of Denver. Those metrics could make ATL's #6 permit rank actually be lower than Philly which is not growing as fast.

[walker1962]

Just saw on Tik Tok, a Rent Control March video in Atlanta.

[walker1962]

Most investors aren't tied down by rent control. Only two states, California and Oregon, have statewide rent control laws, while three others – New York, New Jersey and Maryland – have laws allowing local governments to pass rent control ordinances, according to the National Multifamily Housing Council.

And laws in some states like Arizona actually restrict local jurisdictions from limiting what landlords can charge tenants.
In Tucson, Arizona, the mayor’s office said it has been deluged with calls from residents worried about rent hikes after a California developer recently bought an apartment complex that catered to older people and raised rents by more than 50%, forcing out many on fixed incomes

[cwkimbro]

I think more important than rent control is we have to allow zoning for rental buildings to pass quicker and more efficiently.

Local zoning for multi-family housing in the metro area is very touch, especially outside of the city of Atlanta. Even in the city of Atlanta, it is limited to key properties on key corridors.

We interfere with market forces too much and over time, it becomes a problem.

[Born 2 Roll]

Originally Posted by walker1962

Just saw on Tik Tok, a Rent Control March video in Atlanta.

March to protest rising rent held in metro Atlanta
- Rent increases in Atlanta putting the squeeze on residents (CBS46 Atlanta)

ATLANTA, Ga. (CBS46) - Rent prices are quickly rising across Atlanta, with increases in excess of 30%.

Zillow reported that the average rent in Atlanta was about $1400 in 2020, with averages reportedly up to nearly $1900 as of February 2022.

The frustration is real, and some tenants are saying they’ll be forced out of the city if rent prices keep rising...

... The metro Atlanta housing market is now considered unaffordable, according to the Federal Reserve Bank’s 2022 index. The index measured factors such as median household income in an area plus costs of living and costs of homes.

[Born 2 Roll]

ATLANTA, Ga. (CBS46) - New data officially identifies the metro Atlanta housing market as unaffordable, but residents say they didn’t need the federal report to confirm what they confront daily...

...“We have a huge inventory shortage. In Atlanta particularly, inventory is about 50%, what it was in the beginning of 2020,” Zillow economist Nicole Bachaud told CBS46.

Bachaud says that means the costs will continue to steadily rise. Adding, it leads to fewer people buying and more people renting which furthers the hike in rent rates and unit availability for tenants the next year.

Federal report officially lists metro Atlanta housing market as ‘unaffordable (CBS46 Atlanta)

[LynnHarris1]

Ranking the cheapest and priciest Atlanta neighborhoods for renting

https://www.city-data.com/forum/atla...g-costs-5.html

SOURCE: Urbanize Atlanta

[Esteban5]

Your link redirects to this thread.

[Born 2 Roll]

Originally Posted by LynnHarris1

Ranking the cheapest and priciest Atlanta neighborhoods for renting

https://www.city-data.com/forum/atla...g-costs-5.html

SOURCE: Urbanize Atlanta

Originally Posted by Esteban5

Your link redirects to this thread.

Here is the link to the story that LynnHarris1 was trying to link to:

Ranking the cheapest and priciest Atlanta neighborhoods for renting
- Fresh Rent.com data includes more than a few surprises (Urbanize Atlanta)