Atlanta Q2 Market Report: Supply and Demand Lag Levels From Recent Years
Highlights:
- The Atlanta multifamily market softened slightly during the first half of 2020 with vacancy inching higher even as completions lagged levels from recent years.
- Vacancy ended the second quarter at 5.1 percent, rising 40 basis points during the first half of the year. The local vacancy rate had been relatively flat for most of 2018 and 2019.
- Rents are higher than one year ago but inched lower during the second quarter. Asking rents ended the second quarter at $1,281 per month.
- Sales of multifamily properties slowed in the first half of 2020 but did not stall altogether. Activity levels were down approximately 50 percent from one year earlier. The median price was $103,100 per unit, while cap rates compressed to approximately 5.1 percent.
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