Atlanta Q4 Multifamily Market Report: Employers Expanding Payrolls at a Rapid Pace


  • The Atlanta multifamily market had a strong year in 2019, and conditions were on an upswing in the fourth quarter. Renter demand is elevated, and developers are building new units to meet the demand in the market.
  • Vacancy dipped 20 basis points in 2019, ending the year at 4.7 percent. While vacancy has been mostly stable in recent periods, this was the first year since 2016 where the vacancy rate improved.
  • Asking rents rose 4.7 percent in 2019, ending the year at $1,276 per month. This marked a more modest pace of growth than has been recorded in recent years but is also an indication of the pace of expansion that is most likely in 2020.
  • The fourth quarter was a period where transaction volume closely tracked levels from the preceding quarter, but prices rose and cap rates compressed. For the year, the median price reached $118,000 per unit, while cap rates averaged 5.3 percent. During the fourth quarter, cap rates averaged just 5 percent, setting the starting point for 2020.

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