Baby Boomers, millennials struggle to pay rent in Atlanta

Renting a home or apartment used to be a marker of youth, but a December study from the Joint Center for Housing Studies at Harvard University says otherwise.

The number of US households that are renting is at the highest level since the mid-1960’s with 37 percent of all households renting.

Apartments for rent are shown in Portland, Ore., Tuesday, Nov. 10, 2015. A wave of evictions and skyrocketing rents are putting apartments out of reach of many, including those working part-time, low wage or artistic jobs. Some Portlanders are now looking for better-paying work and some are giving up and leaving. (AP Photo/Don Ryan)

Apartments for rent are shown in Portland, Ore., Tuesday, Nov. 10, 2015. A wave of evictions and skyrocketing rents are putting apartments out of reach of many, including those working part-time, low wage or artistic jobs. Some Portlanders are now looking for better-paying work and some are giving up and leaving. (AP Photo/Don Ryan)

While the millennial generation (born 1985 – 2004) are among the largest single group of renters, households 40 and up make up the majority of all renters. Baby boomers in particular (born 1946–1964) have sent rental rates soaring with an increase of 4.3 million renters in their 50s and 60s from 2005 to 2015.

Unfortunately, the boom in renters, both young and old, has drained the rental market. Vacancy rates in Atlanta fell from 10 percent in 2010 to 5 percent in 2015. Low supply and high demand means rents go up.

Even though the current rental market includes more high-income renters, there are many moderate to low-income renters who are straining to afford the rent and they come in all ages.

In 2014, more than 55 percent of renters age 65 and up struggled with rent compared to 62 percent of renters under age 25.

In Atlanta, the median monthly housing cost is $980, which may sound pretty affordable until you consider that almost 51 percent of all local renters are cost burdened.

Reader Comments 0

3 comments
Lamar Wilson
Lamar Wilson

Don't worry Sandy Springs is adding 10,000 new Apartments to combat this problem.

Truth05
Truth05

Apartments are plentiful thanks to the recent apartment building boom, rents will now fall on older complexes as thousands of new units are now available.

Infraredguy
Infraredguy

BUT, renters in the City of Atlanta get the privilege of paying one of the highest water and sewer rates in the Nation as well as living among the best at carjacking, home invasion and drive by shooting, the rents should be high