ATLANTA (CBS46) — Downtown life is booming, but there’s one thing that’s going up faster than apartments in metro Atlanta.

“It went up between $100 and $150,” said Noureldine Sabra, the apartment’s tenant.

“And it’s now up almost $200. Like almost $160,” apartment tenant Sydnee Green said.

“The max I’ve heard is maybe $150 to $200,” said apartment tenant Ryan McCalusky.

Rental rates are on the rise and according to a Zillow economist there is no relief in sight.

“What we’ve really been through over the last two months is this huge increase in rent prices. Double-digit increases for one thing, but in Atlanta, more than 20% annual appreciation in rent prices,” said Zillow economist Nicole Bachaud.

Bachaud told CBS46 that tenants will most likely encounter an even bigger increase in rents this summer during the rental craze, when many people’s leases are up for renewal.

“The typical rental unit is over $300 more than it was a year ago, which is a huge chunk of a lot of people’s budget to start shelling out $300 more a month to stay in their rental unit,” Bachaud said.

“My lease is going to expire and I’m pretty much preparing for it at this point. It’s probably going to go up another $100 to $200,” McCalusky said.

“And that’s ridiculous because it’s like our hourly pay, our pay doesn’t go up,” Green said.

Rising rents are also impacting many businesses. Moe’s BBQ in Midtown Atlanta has announced that it will permanently close its doors at the end of the month.

“I pray for me, my family and everyone to get through these difficult days,” Sabra said.

About The Author

Related Posts