SAN FRANCISCO, May 1, 2018 /PRNewswire/ -- Renters
searching for a new apartment will find 36 percent more move-in
specials now compared to last year, including rent discounts, ride
sharing codes, gift cards and free streaming services, according to
a HotPads® analysis.i
HotPads analyzed apartment listing descriptions in the
Atlanta metro area to find the
number of listings mentioning move-in specials. Almost 70 percent
of listings with move-in specials in Atlanta offer rent discounts, while more than
15 percent offer ride sharing codes.
Other common offers include free rent for a period of time,
waived deposits or fees, cash bonuses, free parking or gift cards.
Renters can expect to find these deals mentioned in about 1 in 100
Atlanta area rental listings.
The median rent in Atlanta is
$1,415, up 5 percent from a year ago.
Rents in Atlanta have been rising
faster than the national median rent since June 2015. The current national median rent is
$1,483, up 2.7 percent from a year
ago.
As Atlanta's market speeds up,
renters face steep competition when searching for a rental.
However, in Atlanta's suburban
cities, competition is a little lighter, so property managers
sometimes offer move-in specials to drive demand.
"Atlanta is a high-demand
market with strong rent appreciation, but the city also has a lot
of new construction increasing the supply of apartments," said
Joshua Clark, economist at HotPads.
"An influx of brand-new apartments can lead to an increase in
move-in specials on the market. Renters looking to get in on this
trend early may have more luck finding move-in deals in
Atlanta's suburbs, such as
Roswell and Vinings, especially
since these markets tend to be less competitive."
Move-in specials are more common in Atlanta's suburban markets, particularly in
areas north of the city. The cities with the most move-in deals are
Roswell, GA and Vinings, GA, where
renters can find mentions of move-in specials in more than 1 in 10
rental listings.
Atlanta's mid-range apartments
– the third of Atlanta's rentals
that is priced closest to the median rent – account for 35 percent
of move-in specials, more than any other price point in the city.
Among mid-range apartments, move-in specials are up nearly 56
percent since last year.
Move-in specials are also popular among Atlanta's high-range listings, where mentions
of concessions are up more than 50 percent from a year ago. Most
vacant new construction is on the high end of the market,
contributing to the rise of move-in deals in that price range.
HotPads is a Zillow Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on
Atlanta's rental market, visit
HotPads.com.
Rental Concessions in the Atlanta
Area by City
City
|
Median
Rent
|
Percent of
Listings Offering
Concessions, Q1 2018
|
Most Popular
Concession
|
Atlanta Metro
Area
|
$1,415
|
1.3%
|
Rent
discounts
|
Roswell,
GA
|
$1,414
|
15.5%
|
Rent
discounts
|
Vinings,
GA
|
$1,461
|
11.1%
|
Rent
discounts
|
Alpharetta,
GA
|
$1,560
|
8.2%
|
Rent
discounts
|
Dunwoody,
GA
|
$1,485
|
7.4%
|
Rent
discounts
|
Lithonia,
GA
|
$1,110
|
1.8%
|
Rent
discounts
|
Sandy Springs,
GA
|
$1,345
|
1.2%
|
Ride sharing
codes
|
Stone Mountain,
GA
|
$1,150
|
1.2%
|
Rent
discounts
|
Atlanta, GA
(city)
|
$1,600
|
0.9%
|
Rent
discounts
|
Rental Concessions in the Atlanta Metro
Tier
|
Percent of
Listings Offering
Concessions, Q1 2018
|
YoY
Change
|
All
rentals
|
1.3%
|
36.2%
|
Bottom
|
1.1%
|
7.0%
|
Middle
|
1.6%
|
55.7%
|
Top
|
1.2%
|
50.1%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ:Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i HotPads analyzed apartment listing descriptions in
the Atlanta metro area to find the
number of listings mentioning concessions in the first quarter of
2018. For the purpose of this analysis, concessions were defined as
perks in the rental listing description offered to renters signing
a new lease. The full list of concessions analyzed includes: free
rent (i.e. mentions of free weeks/months of rent, or listings
mentioning "no rent for" a length of time), waived deposits, cash
bonuses, gift cards, no rent increases for a length of time, ride
sharing promo codes, and free streaming service subscriptions
(including Netflix, Hulu and Amazon Prime).
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SOURCE Hotpads, Inc.