ATLANTA, Ga. — A new midtown highrise has the internet abuzz over what some believe are exorbitant prices.
903 Peachtree is advertising one-bedroom studios that are 379 square feet and start at $1,674 in rent.
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Channel 2 Action News reached out to the property, where employees said they weren’t allowed to comment and said the current rent prices were up to date on the building’s website. We got a similar answer from Lincoln Apartments, the building’s management company.
Social media users were mixed on how expensive the tiny units are to rent.
“Honestly it has to end at some point. Atlanta is doing the most to convince everyone to pay luxury prices for mediocre things,” one Instagram user said.
Another Instagram user had the opposite view.
“Awesome location. Fair market value as long as it’s getting paid. Good on the property management,” Tyler McMullen said.
To be fair, the building is prime real estate, across the street from Fado Irish Pub and within walking distance to a slew of hot restaurants and other Atlanta attractions.
But it does beg the question: How much space should you be getting for your hard-earned dollars?
RentCafe has released its annual report on what $1,500 a month should get you on average in 100 U.S. cities. According to the rental market blog, $1,500 should get you an average of 788 square feet in metro Atlanta, which puts it 59th on the list for affordable cities.
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The average rent in metro Atlanta is $1848 and the average apartment size is 971 square feet.
The good news? Columbus and Macon, Georgia lead the pack for rent affordability among smaller cities.
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Coming in at #1, Columbus renters get an average of 1,545 square feet for $1,500 and the average rent is $1,076 for just over 1,100 square feet of space.
Macon was #5 on the list of smaller, affordable cities to rent, where $1,500 could get you 1,369 square feet but the average rent was $1,120 for 1022 square feet of space.
The most expensive place to rent is no surprise: Manhattan, New York ranks #100 for rental affordability. You can only expect 243 square feet for $1,500 in NYC, but on average, people are paying $4,605 for 745 square feet.
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