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.

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