NewsRent In Atlanta Increasing 3 Times As Fast As Wages

Rent In Atlanta Increasing 3 Times As Fast As Wages

Rent in Atlanta has been taking a concerning trend for the past several years.

According to a report from real-estate marketplace company Zillow, Atlanta renters are under financial pressure as rent continues to increase faster than wages in the metro Atlanta area.

The Zillow report revealed that rent has been growing almost three times faster than the wages have in the metro Atlanta area since the COVID-19 pandemic, WSBTV reports.

This concerning trend was reportedly exasperated by new millennial and Gen Z renters impacting rental prices nationwide following the pandemic. 

The report read, “Demand for rentals from the large millennial generation — many of whose members have remained renters longer than previous cohorts — and Gen Z adults have run headlong into the country’s housing shortage, causing rents to quickly rise.”

Zillow said the country-wide trend likely grew more positive due to “strong multifamily construction [helping to] absorb demand for apartments, keeping rent growth in check in much of the country.”

Atlanta residents weighed in on the findings by taking to X. 

RELATED CONTENT: 7 Actions Black People Can Take To Help Cut Rent Costs As Rates Increase

Source: Black Enterprise

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