Atlanta Q3 Multifamily Market Report: Rents Spike as Supply Growth Lags Demand
Highlights:
- The Atlanta multifamily market posted strong gains during the third quarter, setting the stage for a healthy close to the year. Absorption has accelerated, driving vacancy lower and pushing rents higher.
- Vacancy dropped 100 basis points in the third quarter, dipping to 4.6 percent. Year over year, the rate has fallen 70 basis points.
- Asking rents in Atlanta spiked by nearly 11 percent, advancing nearly $150 per month to $1,467 per month. In the past year, rents have gained 15 percent.
- The investment market continued to gather momentum in the third quarter. Activity picked up and prices rose. Year to date, the median price has surged to $156,400 per unit, while cap rates have compressed to about 4.4 percent.
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