Atlanta Q3 Multifamily Market Report: Sales Activity Regained Momentum in the Third Quarter
Highlights:
- Operating conditions for Atlanta multifamily properties cooled slightly during the third quarter, but steady additions to the local labor market should provide stability in the market going forward.
- Vacancy ended the third quarter at 5.3 percent, 40 basis points higher than one year ago. The rate has trended higher in recent quarters as renter demand for units has been positive but not as active as in 2019.
- Rents have recorded modest declines in each of the past two quarters, reaching $1,276 per month as of September. Despite the recent dips, current asking rents are up 0.8 percent year over year.
- The investment market bounced back in the third quarter with sales velocity gaining momentum and prices pushing higher. The median price year to date is approximately $116,400 per unit, while cap rates have averaged 5.1 percent.
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