SAN FRANCISCO, Feb. 13, 2018 /PRNewswire/ -- Single renters can
expect to spend a smaller share of their income on a one-bedroom
apartment north of Atlanta's
downtown core than elsewhere in the city, according to a new
HotPads® analysis.
To find the most affordable neighborhoods for single renters,
HotPads compared each neighborhood's median rent for a one-bedroom
apartment to the city's median annual income of $37,310[i] to see where renters can
expect to put the smallest share of their paycheck toward rent.
In the city of Atlanta as a
whole, the median rent for a one-bedroom apartment is $1,570 a month. This means renters making the
city's median income who want to live alone need to spend about 51
percent of their income on rent – far greater than the 30 percent
recommended by experts. Atlanta's
ten most affordable neighborhoods require single renters to spend
between 32 and 42 percent of their income on rent.
"Many renters dream of living alone, and renters in Atlanta who want to make that dream a reality
can do so in certain neighborhoods if their budget is flexible,"
said Douglas Pope, co-founder and
general manager of HotPads. "Atlanta's affordability is a selling point for
single renters who are increasingly being priced out of the
country's biggest cities. To stand out among the competition,
renters can keep close tabs on new listings and prepare
applications ahead of time so that they're at the front of the line
when a new rental hits the market."
Among the 10 most affordable neighborhoods for renters wanting
to live alone in Atlanta, eight
are on the north end of the city. Many of these northern
neighborhoods are part of the active Buckhead community or next to
the Belt Line, giving renters great access to some of Atlanta's trendiest spots. Additionally,
HotPads predicts that Greenbriar, Atlanta's most affordable neighborhood for
single renters, will become more popular in the next year because
of its projected rent and home value growth.
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.
Neighborhood
|
Median
One-Bedroom
Rent
|
Share of Median
Income
Spent on Rent[ii]
|
City of
Atlanta
|
$1,570
|
50.5%
|
Greenbriar
|
$1,002
|
32.2%
|
Peachtree
Hills
|
$1,065
|
34.3%
|
East Chastain
Park
|
$1,138
|
36.6%
|
Princeton
Lakes
|
$1,149
|
37.0%
|
Lindridge/Martin
Manor
|
$1,183
|
38.0%
|
Marietta Street
Artery
|
$1,193
|
38.4%
|
Blandtown
|
$1,248
|
40.1%
|
Paces
|
$1,255
|
40.4%
|
Brookwood
|
$1,295
|
41.7%
|
Virginia-Highland
|
$1,295
|
41.7%
|
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] Bureau of Labor Statistics, median annual income
for the city of Atlanta
[ii] Based on the city of Atlanta's median income from the Bureau of
Labor Statistics ($37,310
annually)
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SOURCE HotPads, Inc.