Atlanta lost nearly 5,000 low-cost rental units from 2010 to 2013, according to a new analysis released by a Georgia Tech professor.
The study, compiled by regional planning professor Dan Immergluck, says the metro area has been experiencing an apartment boom since the recession. As of March, there were 11,000 units under construction and another 9,000 proposed, according to cited research from Haddow and Co.
But those units, Immergluck writes, are almost entirely luxury rentals, with rents hovering around $2 or more per square foot. Meanwhile, rentals for $750 a month or less are disappearing. The Tech professor estimates these low-cost units were lost at a rate of about 4.4 percent annually between 2010 and 2013, a dip of about 1,600 each year.
Immergluck’s analysis only measures a small portion of the city's affordable housing stock: those units renting for $750 per month or less. The study doesn’t take into account unit size or number of bedrooms, like, say, a two-bedroom unit for between $800 and $1,000 per month. “However,” writes Immergluck, “it does demonstrate that this one portion of the affordable stock is shrinking at an appreciable rate.”
The Tech professor writes that policies like requiring developers to set aside a percentage of units to low-income renters could help slow the decline.
Read Immergluck's report below.