ATLANTA — Metro Atlanta has seen the biggest drop in rent prices in the U.S. since its peak, according to Realtor.com.
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In its August rental report, it stated the median asking rent had decreased 13.6%, tied for the biggest change among the 50 largest metro areas in the U.S.
The median rent is $1,572, compared to $1,820 in October 2021.
Jiayi Xu, an economist at Realtor.com, said the trend of people moving to the area has slowed, and there has been a “significant” increase in the number of multifamily options for renters.
“Combined, these factors have pushed rents down more sharply than in other markets,” Xu said.
A survey showed people who were moving listed affordability among the top three reasons. Younger and older renters were more likely to mention cost as a priority.
Other areas seeing the biggest drop were Las Vegas (13.6%) and Austin, Texas (13.4%).
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