Atlanta Q1 Multifamily Market Insights: Elevated hiring activity fueling renter demand
Highlights:
- A rapid pace of employment growth across a wide range of industries is supporting demand for apartment properties in Atlanta. Continued improvement is anticipated, as the regional economy is forecast to post some of the country’s strongest economic expansion in 2022.
- Vacancy inched lower in the first quarter, offsetting a modest uptick at the end of last year. The rate dropped 10 basis points to 4.6 percent to start the year. The rate has declined 100 basis points year over year.
- The pace of rent increases accelerated during the first quarter, with asking rents jumping 4.1 percent to $1,547 per month. During the 12-month period ending in the first quarter, asking rents spiked 19.9 percent.
- A steady pace of investment activity was recorded in Atlanta during the first quarter. The median sales price continued to push higher, reaching approximately $196,700 per unit, while cap rates averaged 4.2 percent.
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