Real Estate Marketing & Beyond
Although rent prices have flatlined across the country this past year, renters living in smaller cities might have noticed their rents going up considerably. To help Georgians find out exactly how much their rents changed in 2017, apartment search website RENTCafé recently published a study highlighting the 50 most expensive zip codes in the state. The results are quite interesting, especially to renters living in Atlanta apartments.
Out of the 50 priciest zip codes for renters, 23 are in Atlanta
23 out of Georgia’s 50 most expensive zip codes are all found in Atlanta, with rents ranging from $1,150 to $2,060. Zip 30316 in Atlanta is a haven for millennials for its music scene, restaurants and trendy art galleries. Partly because of this, the average monthly rents in this area went from $1,054 to $1,171 in 2017. This translates to an increase of 11.1%, the highest rent change among the 50 costliest zip codes.
Atlantans living in zip code 30342 pay an average rent of $1,290, but the price can get as high as $2,059 in zip 30363, which is the second most expensive zip in the state. Given the lack of new construction in 2017, it’s no surprise that rents in this zip code have increased by 3.16%. If supply doesn’t keep up with demand, prices might continue to follow the same ascending trend.
Besides supply and demand, there are other key factors that influence rents. One of them is the area’s employment growth, since people are inclined to rent in an area that provides more job opportunities. For example, there’s been no job shortage in Atlanta’s 30309, 30306 and 30308 with employers like Delta Airlines, The Home Depot and Walmart. Renting in these zip codes costs over $1,700 per month.
Atlanta’s 30326, where renters pay an average rent of $1,861 per month is the third most expensive zip among the 50 priciest. However, despite boasting a relatively low rent, living in luxury apartments here can still set people back $6,520/month.
Alpharetta, Savannah or Brookhaven renters pay over $1,500/month
The study also shows that the most expensive zip code out of Georgia’s 50 priciest is 30009 in Alpharetta. The price to rent here is an average of $2,223 per month. The surprising fact is that despite being the costliest, rents here have decreased by 1.64% year-over-year.
Renters living in Savannah’s 31401 pay an average monthly rent of $1,853 while those in Brookhaven’s 30319 witnessed their monthly rents go from $1,467 to $1,477 this past year.
