What is the average rent in Georgia?

If you like to have fun in the sun, enjoy southern cooking, and can’t stand a snowy winter, then Georgia is the place for you. With vast career opportunities at companies like Coca-Cola, Chick-fil-A, and Aflac, people are moving to the Peach State in droves.

If you’re ready to make the move and you’re not ready to buy a home, this guide will help you assess rental costs across the state and what it’s like to rent vs. buy.

What is the cost of rent in Georgia?

The median cost of rent in Georgia is $1,975, factoring in houses and multi-bedroom apartments. Not bad, right?

The average rent in many of Georgia’s most popular cities is even lower than that – including bigger two and three-bedroom apartments. This is great news if you’re looking for an affordable place to raise a family.

Atlanta

The average rent for a studio in Atlanta is $1,510 a month and the average rent for a one-bedroom isn’t much higher at $1,593 a month. For families who might need a bit more space, the average rent for a two to three-bedroom apartment ranges from $1,895 to $2,217 a month, according to Apartments.com

If you want the appeal of big-city life without the hefty prices of Los Angeles or New York, Atlanta is your desired destination! Atlanta stands as an epicenter of culture, film, and art in the South.

Columbus

If you’re interested in saving even more, consider renting in Georgia’s second largest city, Columbus. The average rent for a studio and a one-bedroom in Columbus ranges from $853- $1,051 a month. The larger two and three-bedroom apartments are priced a little higher at $1,129 – $1,457 a month.

In addition to affordable prices, Columbus offers breathtaking views of the Chattahoochee River, plenty of outdoor activities, and a tight-knit social scene. That’s why many people looking for a new home choose to move to Columbus.

Savannah

History and art lovers might be wondering if they could afford to live in Savannah, Georgia. While undoubtedly beautiful, it is a little bit pricier with one-bedrooms starting at $1,559 a month. Two and three-bedroom apartments range from $1,717 – $1,882 a month.

Savannah offers a vibrant downtown scene that is close to popular vacation destinations like Tybee Island and Hilton Head.

Augusta

For our golf fanatics, Augusta offers comparable rental prices to Columbus. Studios and one-bedrooms cost $910 – $1,058 a month. Two or three-bedrooms range from $1,177 – $1,541 a month.

Augusta residents enjoy proximity to both the beach and the Georgia mountains, easy access to interstates I-20 and I-520, and mild winters.

Macon

Those with a passion for music might be pulled in the direction of Macon, Georgia where you can get a studio or a one-bedroom for $972-$992 a month. Two or three-bedroom apartments cost around $1,111 – $1,229 a month. Macon also joins Columbus and Augusta on our list of top 5 cheapest places to live in Georgia!

Renting vs. buying in Georgia

If you are considering becoming your own landlord and purchasing your own home, the average home value in Georgia is $330,342.

Georgia is one of the top states for building new homes and has plenty of new developments popping up. For example, Columbus recently opened Midland Commons, an 88-acre development offering retail, restaurants, entertainment, and condos. Current and future retailers include fan-favorite brands like Publix, Tropical Smoothie Café, Dunkin’, Panda Express, and Panera Bread.

Is it cheaper to buy or rent in Georgia?

The answer depends on your financial situation and the city you’re considering. Sometimes, mortgage payments are higher than rent, especially if you can’t put much money down upfront.

On average, a mortgage payment in Georgia is $1,789. That’s equitable to renting a larger place in Savannah, so buying might be more affordable than you think!

Is owning a home worth it?

Owning a home is an investment in yourself and your future and it gives you more freedom to create the space you want. Plus, with affordable mortgage rates, you could buy a home and even consider renting it out as an investment property later on!

Alternatively, renting offers increased flexibility if you need to move for a new job or personal reasons. Renting also offers lower initial costs without the burden of maintenance. Ultimately, it depends on your personal circumstances, financial goals, and lifestyle preferences!

Is Georgia affordable?

The cost of living in Georgia is very comfortable compared to other locations in America. Housing overall is cheaper in Georgia by 21% compared to the national average. Utilities and food are 13% and 4% lower than the national average, respectively.

Even the average cost of living in some of Georgia’s most expensive cities, like Atlanta and Savannah, fall below the national average.

Atlanta’s cost of living is 2% under the national average, and Savannah’s cost of living is 7% lower than the national average.

Ready to make your move?

Whether you’re considering renting or buying, Georgia offers a wide range of affordable options to fit your lifestyle. From trendy new developments like Midland Commons in Columbus to charming riverside rentals at The Currents or The Rapids, there’s something for everyone.

If you’re thinking about making a move, Columbus is a great place to start. With new housing options and a growing community, it’s perfect for both renters and potential homeowners. To learn more about living in Columbus and finding the right place for you, check out our guide to moving to Columbus!

If you’re ready to learn more about living in Columbus, contact us here. Our team is here to help!