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Challenges for renters in metro Atlanta
Finding affordable housing in metro Atlanta has become a battle, but FOX 5 real estate expert John Adams has some tips to ease the pain.
ATLANTA - Finding affordable housing in metro Atlanta has become an exhausting battle for many. Persistent inflation, with its relentless rise in the cost of living, has turned this quest into a near-impossible task for many renters.
FOX 5 real estate expert John Adams joined Good Day to share his analysis along with some tips to ease the pain.
The Biggest Challenges Facing Renters in Today's Market
1. High Rent Prices
Inflation Impact: The continuing surge in inflation has pushed rent prices through the roof, making it feel like you're racing against an unstoppable tide. Every month, it seems harder to keep up, with rents soaring far beyond what many can afford.
Competition Impact: Metro Atlanta is the No. 4 destination in the US for those relocating. With more people moving into the city, the competition for limited rental units is tough. It’s disheartening to see your dream apartment slip through your fingers because someone else could pay more.
Income Impact: Even as rents climb, wages often remain stagnant, stretching budgets to their breaking point and forcing tough choices between essentials and housing.
A "for rent" sign is posted in front of a home on December 12, 2023, in Miami, Florida. (Credit: Joe Raedle/Getty Images)
2. Limited Affordable Housing
Severe Shortage: Affordable housing is like finding a needle in a haystack. Every open house becomes a reminder of the limited options that fit within a modest budget.
Gentrification: As neighborhoods gentrify, long-term residents watch their once-affordable areas transform into high-rent districts, pushing them out of the communities they’ve called home for years.
Lack of Subsidies: The insufficient supply of subsidized housing leaves lower-income renters struggling to find a place to call home, feeling the weight of a difficult system.
3. High Application and Administrative Fees
Legislative Changes: New laws in Georgia this year meant to cap security deposits have backfired. Landlords now compensate for this by imposing hefty application fees and non-refundable administrative charges, which feel like a punch to the gut when you're already stretched thin.
Unintended Burdens: These additional fees create significant financial barriers, making the rental process feel even more stressful and unattainable.
Entry Barriers: Each application feels like a gamble, with your hard-earned money on the line and no guarantee of success.
The Bottom Line:
Adams says it's clear to him that the recent legislation aimed at protecting renters has inadvertently hurt them. The good intentions of capping security deposits have led to a rise in non-refundable fees, and further regulation has pushed many smaller landlords out of the market. As these mom-and-pop landlords sell their properties to large corporations, the personal touch disappears, and rents continue to rise.
Despite these challenges, there are steps prospective renters can take to navigate this tough market:
- Stay Informed: Knowledge is power. Keep up with market trends and legislation changes to make informed decisions.
- Negotiate: Don't hesitate to discuss terms and fees with landlords. Sometimes, being proactive can lead to better deals.
- Plan Ahead: Financial preparation can help you tackle unexpected costs and make the process less overwhelming.
- Seek Support: Look for local assistance programs or non-profits that offer guidance and support.
While the rental market in metro Atlanta may seem impossible, staying prepared and resourceful can help you find a place to call home. Stay hopeful and persistent—your next home is out there.