An apartment management company accused of rent-gouging dropped a plan Wednesday that would have forced residents either to pay $3,000 a month rent during the Olympics or be evicted.
Instead, tenants can either stay through the Games at their 1995 rents or volunteer to sublease their apartments to Olympic visitors and earn a cut of the higher rate, Intown Properties Inc. said in a statement.
Rents at most Intown apartments are between $400 and $500 a month.
Atlanta hotels are almost full for the Games, and Intown has about 300 apartments in seven properties near downtown Atlanta, where most of the 1996 Summer Olympics will be held.
The company had drawn criticism from its tenants, other landlords, politicians and Olympic officials last month when it told residents they would have to move out from May through August or pay the exorbitant rent.
sponsored According to two 2015 surveys, 62 percent of Americans do not have enough savings to handle an unexpected emergency, much less any long-term plans.