Atlanta Q1 Multifamily Market Report: Sales Velocity Gains Momentum to Start 2021
Highlights:
- Apartment properties in Atlanta recorded stable performance during the first quarter, with conditions likely to strengthen in the remainder of the year. Rents inched higher, and a more rapid pace of increases is likely as the local economy gains momentum.
- After rising throughout 2020, the local vacancy rate held steady at 5.6 percent during the first quarter. Year over year, the rate is up 60 basis points.
- Rents in Atlanta inched higher in the first quarter and are expected to gain momentum in the coming months. Asking rents ended the first quarter at $1,290 per month, up 0.3 percent from one year earlier.
- The investment market got off to a steady start in 2021. Cap rates and prices remained nearly identical to levels recorded last year, while transaction activity in the first quarter was ahead of the pace recorded at the beginning of 2020.
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