Paula Swinson of Atlanta says that her two-bedroom apartment is not that bad, considering what she paid in New Jersey over the past 10 years. The Atlanta tech industry worker is thankful that rents seem to have settled down after skyrocketing over recent years. Her sentiments are right on the money.
Rental affordability in Atlanta is at its best in four years, offering prospective renters a welcome breather on new leases.
Rent Affordability in Atlanta More Attainable, Says New Study
Modest rent growth and unprecedented concessions from landlords are emerging as a wave of newly constructed apartments floods the market following last year’s building boom, per the latest rental market report from Zillow.
Developers in Atlanta and across the South capitalized on pandemic-era housing demand, completing more multifamily units in 2024 than in any year over the past half-century. With fewer zoning hurdles in the region, Southern builders—including those in metro Atlanta—ramped up supply swiftly and effectively, fostering areas of relative affordability amid national pressures.”
Top Markets for Rent Affordability
Rent affordability improved over the past year in 38 of the 50 largest U.S. metros, and renters in Denver, Austin, Miami, San Antonio and Phoenix were the biggest beneficiaries. Here are the stats, according to Zillow.
| Metro Area* | Zillow Observed Rent Index (ZORI) | ZORI Year over Year (YoY) | ZORI as Share of Median Family Income | ZORI as Share of Median Family Income in Sept. 2024 | Share of Rentals with a Concession | ZORI Multi- family YoY | ZORI Single- Family YoY |
| United States | $1,979 | 2.3 % | 28.4 % | 28.8 % | 37.3 % | 1.7 % | 3.2 % |
| New York, NY | $3,512 | 5.2 % | 40.6 % | 40.0 % | 18.2 % | 5.3 % | 4.1 % |
| Los Angeles, CA | $2,954 | 2.4 % | 35.5 % | 35.9 % | 27.6 % | 1.6 % | 3.9 % |
| Chicago, IL | $2,113 | 6.0 % | 26.8 % | 26.2 % | 22.6 % | 6.0 % | 5.5 % |
| Dallas, TX | $1,706 | 0.1 % | 21.8 % | 22.5 % | 58.9 % | -0.6 % | 0.9 % |
| Houston, TX | $1,675 | 0.5 % | 23.4 % | 24.2 % | 47.9 % | -0.1 % | 1.4 % |
| Washington, DC | $2,414 | 1.4 % | 22.0 % | 22.5 % | 53.4 % | 0.3 % | 3.6 % |
| Philadelphia, PA | $1,881 | 3.7 % | 24.2 % | 24.2 % | 30.4 % | 3.1 % | 4.2 % |
| Miami, FL | $2,679 | 0.8 % | 38.6 % | 39.7 % | 25.3 % | 1.5 % | 1.0 % |
| Atlanta, GA | $1,882 | 2.5 % | 24.1 % | 24.3 % | 55.9 % | 1.4 % | 3.8 % |
| Boston, MA | $2,965 | 2.9 % | 29.7 % | 29.9 % | 31.0 % | 2.7 % | 4.1 % |
Markets that built more—and faster—like Atlanta—are reaping the rewards, with more renters now able to secure apartments without stretching their budgets,” said Orphe Divounguy, senior economist at Zillow. “This underscores how easing supply constraints through smart policy can rein in housing costs when demand runs hot.”
In Atlanta, Rents Finally Cool Off
In Atlanta, the Zillow Observed Rent Index (ZORI) rose just 2.5% year-over-year in September—well below the peaks of recent years and a sign of cooling momentum.
Multifamily rents, the focus for many urban renters, grew even more modestly at 1.4% annually, while single-family rents ticked up 3.8%.
A softening job market nationally is also tempering growth: Fewer new hires mean less residential churn, keeping tenants in place longer.
Zillow’s updated rent dashboard highlights Atlanta’s position in the Sun Belt, where supply outpaces demand in spots, though the city hasn’t seen outright declines like some peers.
Year-over-year apartment rents are dropping sharpest in Austin (-4.7%), Denver (-3.4%), San Antonio (-2.3%), Phoenix (-2.2%), and Orlando (-0.8%).
Meanwhile, hotter growth persists in tightly regulated or high-demand zones outside the South, such as Chicago (6%), San Francisco (5.6%), New York (5.3%), Providence, Rhode Island (4.8%), and Cleveland (4.2%).Even single-family rentals in Atlanta—which have outpaced apartments in growth lately—are hitting softer winds.
The city’s 3.8% September increase marks a slowdown from prior years, aligning with the smallest national annual uptick (3.2%) in Zillow data dating back to 2016.Concessions Hit New Highs for Atlanta RentersLandlords here have leaned heavily into perks like waived rent months or complimentary parking rather than slashing base prices.
Now, a record 55.9% of Atlanta listings on Zillow dangle some incentive—up dramatically from 14.4% in 2019 and far exceeding the national September high of 37.3%.These giveaways are poised to climb further, often peaking in the off-season winter and early spring.
As they proliferate, managers might pivot to outright reductions, especially with holiday slowdowns looming. Renter competition typically dips in cooler months, giving leverage to those hunting for deals in neighborhoods like Midtown or Buckhead.
Final Word
Affordability Gains Ground in the Peach State CapitalTamer growth—and pockets of stability—in Atlanta’s rental scene is boosting affordability citywide to levels unseen in four years.
A typical apartment now claims just 24.1% of the area’s median household income, a slight dip from 24.3% last September and comfortably under the 30% “burden” line.
That’s a brighter picture than the national 28.4% ratio, thanks in part to the South’s aggressive building response. For Atlanta families eyeing moves to suburbs like Decatur or Roswell, this supply-driven ease signals a renter’s market taking shape.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
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