The Atlanta Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020 we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Atlanta Rental Market Trend Analysis
The first half of 2020 saw decreases in active listings from March to June – when most states imposed strict lockdowns. However, July saw a rebound with a 57% increase in active listings month-over-month. The rest of the year showed both gains and losses which was to be expected. Listings for the first two months of 2021 had huge gains with February posting a 128% increase in active listings – the largest increase within a year. However, listings decreased significantly by 42% in March.
Renter Leads and Average Leads Per Property
January of 2020 posted strong demand in Atlanta with a 616% increase from December of 2019. Renter leads in Atlanta were extremely volatile for the rest of the year with large gains and large losses – interestingly, April had a huge increase of 487% where most other cities had a large decrease in renter leads. November had the largest increase with a 1,103% increase in renter leads. The average leads per property in Atlanta has not surpassed 48 – its highest average reported in January 2020. Currently in 2021, Atlanta’s average leads sit at 15, a solid increase from the beginning months of 2021 where average leads per property sat at four and five. The volatile numbers could be a potential indicator that city and urban out-migration as well as pandemic fatigue may be playing a part in rental demand.
Year-over-year the average rent amount for a two-bedroom listing in Atlanta is down by over $1,000 as of April 2021. A spike in rent was seen last April at $2,943 which correlates with the increase in active listings mentioned above – however, as 2021 continues the average rent month-by-month seems to be adjusting as pandemic restrictions start to ease in the U.S.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.