Atlanta Q2 Multifamily Market Report: Job Growth in High-Wage Sectors Fueling Demand
Highlights:
- The Atlanta multifamily market posted steady improvement during the second quarter. The vacancy rate inched lower, while rents rose. Investment activity surged in response to the improving market performance.
- Vacancy dipped 10 basis points from the first quarter to the second quarter, reaching 4.8 percent. The current rate is unchanged from one year ago.
- The pace of rent growth accelerated in the second quarter. Asking rents reached $1,244 per month, up 5.9 percent year over year.
- The multifamily investment market gained momentum during the second quarter, with transaction activity surging more than 30 percent. The median price in sales during the first half of 2019 is $110,800 per unit, with cap rates averaging approximately 5.4 percent.
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