Atlanta Q3 Multifamily Market Report: As Employers Expand Local Payrolls, Renter Demand Remains Elevated
Highlights:
- The Atlanta multifamily market had a steady third quarter. The vacancy rate inched up a modest 10 basis points, but rents rose and sales of apartment properties continued at the market’s established pace.
- Vacancy rose 10 basis points from the second quarter, reaching 4.9 percent at the end of the third quarter. The rate is also up 10 basis points from the same period one year ago.
- Rents posted healthy gains in the third quarter, reaching $1,266 per month. Year over year, asking rents have gained 5.8 percent.
- Year to date, multifamily investment activity has closely tracked levels from one year ago. Nearly an identical number of properties have changed hands, and the median price of $111,600 per unit is also consistent with the 2018 median. Cap rates have compressed slightly, averaging 5.4 percent.
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