Atlanta Multifamily Report – Fall 2019
Atlanta’s business-friendly climate and relatively low cost of living continue to lure companies and residents alike.
Atlanta’s friendly business climate and relatively low cost of living continue to lure companies and residents alike. In the context of a smart development strategy that helps keep the supply and demand balance in check, the multifamily market remained strong. The average rent rose a solid 4.2 percent year-over-year through August to $1,305, outperforming the 3.3 percent U.S. rate.
The metro gained 53,500 jobs in the 12 months ending in August, for a 2.1 percent expansion, 40 basis points above the national growth rate. High-tech industries continue to expand, and the professional and business services sector led growth with the addition of 19,200 positions. Moreover, Amazon announced a new facility in the metro, where it plans to create 1,000 jobs, including finance and information technology positions. Meanwhile, information technology company BioIQ is building a new headquarters in Cobb County, where it plans to add 500 new technology jobs.
Some 6,700 units were delivered in the first eight months of 2019, and more than 19,800 apartments were underway as of August. Multifamily sales totaled $3.7 billion, based on an average per-unit price of $116,800, below the U.S. figure. Weighing in the metro’s fundamentals, we expect the average rent in Atlanta to advance 4.7 percent for the year.