Atlanta’s multifamily resilience is continuing to hold as the metro area experienced the third-largest rent increase in the nation.
Apartment rents in Metro Atlanta during the second quarter rose 4.7% to an average of $1,247/month, according to a RealPage report. Atlanta’s rent growth among large metro areas during that period was behind only Phoenix, with an 8.1% increase, and Las Vegas, which led the nation with an 8.8% rent increase. Sacramento, California, tied with Atlanta during the second quarter.
The demand for apartments outstripped new supply in Atlanta by nearly two-to-one. More than 4,200 units were rented while 2,700 new units delivered into the market, according to RealPage. “We are creating a solid number of new households and creating some housing demand,” RealPage chief economist Greg Willett said. “Not a lot of that is going to single-family homes by historical standards, so a lot of it is staying in the rental market.”
Historically, apartment leasing’s strongest periods are in the second and third quarters, particularly as people normally move in the warm months and others start or finish school and find new places to live, Willett said.
Sixty West Funds currently has three qualified Opportunity Zone projects slated for the metro Atlanta area.
- Old Fourth Ward – Planned Development – $78 M
- Quarry Park Westside – Potential Development – $200 M
- Echo Westside – Planned Development – $275 M
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