The Atlanta area rental market remained steady yet competitive in Q4 2024, with key indicators pointing to stable rent prices, consistent application volumes, and shifting demand trends across property types. While most property managers expect rents to hold steady, single-family rentals have shown signs of softening demand, leading to higher concessions and longer days on market (DOM). Meanwhile, multifamily units remain a strong contender, with stable pricing but continued reliance on incentives to attract renters. In this report, we break down key market trends—including rent expectations, application volumes, listing activity, concessions, rental prices, and DOM—to provide a clear picture of where the Atlanta rental market stands and where it may be headed.
We asked property managers in the Atlanta area for insights into the market.
Key Takeaway: The Atlanta rental market remains largely stable with a potential slight softening in demand.
Data Summary:
Data Summary:
Deeper Diver: Atlanta’s rental market is largely stable, with 82% of property managers anticipating no change in rent prices, indicating that the market isn’t expecting any significant shifts in the near term. While most property managers report steady application volumes (73%), there are some concerns, as 20% are seeing fewer applicants. This suggests that demand may be softening, possibly due to seasonal shifts or broader market conditions. Although a small percentage of property managers (7%) are receiving more applications, the decline in interest for some properties should not be overlooked.
Key Takeaway: Landlords are relying on concessions to maintain occupancy, indicating a competitive market where renters have negotiating power.
Data Summary:
Deeper Dive: The continued prevalence of rental concessions indicates that property managers are still using incentives to attract tenants. This suggests that demand, while stable, may not be strong enough to push rents higher without additional perks.
Key Takeaway: Single-family rentals are likely staying on the market longer due to softening demand, while multifamily units, though stable, still require incentives to lease efficiently.
Data Summary:
Deeper Dive: The combination of stable rents, increasing concessions, and fluctuating listing counts suggests that some rental properties are taking longer to lease. In particular, single-family rentals appear to be sitting on the market much longer than before, as landlords lower rents and offer incentives to secure tenants. Multifamily properties, while not seeing a price drop, are also relying on concessions, which indicates that demand isn't strong enough to lease units as quickly as before.
Key Takeaway: Single-family rental prices are softening, while multifamily rents are holding steady with slight growth, reflecting shifting demand dynamics.
Data Summary:
Deeper Dive: The stability in one- and two-bedroom rents suggests steady demand for these unit types. However, the decline in single-family rental prices aligns with the increase in concessions, reinforcing the idea that demand for single-family rentals is softening. This could be due to affordability constraints or a preference shift toward multifamily living, which often offers more amenities at a lower overall cost. The slight increase in multifamily rents despite stable or rising concessions suggests that while demand remains healthy, landlords still need to offer incentives to remain competitive.
Key Takeaway: Single-family rental inventory is tightening, while multifamily availability remains stable.
Data Summary:
Deeper Dive: The decline in single-family rental listings could indicate fewer new properties entering the market or more renters choosing to stay longer in existing leases. This drop, following Q2’s strong increase, might also be a seasonal trend, as winter months typically see lower turnover.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Atlanta-Sandy Springs-Alpharetta, GA metropolitan statistical area (MSA) as the geographical unit. Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.). Our sentiment survey is based on phone conversations during Q3 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
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