Prices for rent have been rising steadily over the past year in Georgia. But between July and August, there was a 0.7 percent dip in rent prices across Georgia, the biggest decline in the past year.
Georgia is one of the cheapest places to live in the United States, according to Apartment List’s Rentonomics report from July and August. Though the prices are rising faster than the national average, they still remain lower overall.
One-bedroom apartments in the U.S. typically cost around $1,050, while in Athens the typical rent for a one bedroom is $600.
“I’m content with what I’m paying for the location,and it is better than others I looked at that were really dingy,” said Casey West, a sophomore genetics major from Lynchburg, Virginia. “I pay $600 for a pretty decent sized one bedroom.”
At Georgia Heights in Athens, the lowest listed price for a one bedroom is $1,150. And The Standard’s lowest one bedroom studio is listed at $1,055, according to its website.
In Georgia, Athens tied with Stone Mountain for 11th in lowest rent prices, at an average of $600 for a one-bedroom apartment. Athens tied with Augusta at tenth place for an average two-bedroom rent of $680.
“Apartment prices in Athens are a lot more reasonable than most cities, because most of the large apartment complexes in the city and surrounding areas are mainly working to attract students and competing with each other over amenities, lease specials and price,” said Thomas Conn, a junior finance major from Hoschton.
Cord Sibilisky, a 2004 graduate from the University of Georgia and a real estate agent, said in a previous Red & Black article that he has seen changes in what students were willing to pay
“How do you compete?” Sibilisky said. “Do you increase amenities or do you decrease the price? I don’t know.”
By just looking at the numbers, the steady increase in prices all across Georgia answers that question. But this past month, there was a decrease in prices throughout Georgia.
“Rent prices will be one of the sole points of competition, leading to an overall decrease in rent prices,” Conn said. “Older apartment complexes downtown may find it hard to compete...leading them to be the first to drop prices. This drop in rent prices located in downtown will, in turn, likely lead to a decrease in rent prices across the board, as apartment buildings farther away from campus already compete by price.”