Atlanta Multifamily Report – January 2025
This city continues to lag national performance.
As 2024 wrapped up, Atlanta’s multifamily fundamentals posted mixed performance. Average advertised asking rents contracted 0.5 percent, on a trailing three-month basis through November, to $1,630, while year-over-year, the decline was at a steeper 2.6 percent, well behind the 0.9 percent uptick of the U.S. average. Meanwhile, the metro’s occupancy rate in stabilized properties remained unchanged year-over-year, at 92.7 percent in October.
Atlanta employment growth clocked in at 1.3 percent as of September, 10 basis points below the national rate and recovering slightly after it bottomed out in June. Unemployment stood at 3.5 percent in October, just below the Georgia (3.6 percent) and U.S. (4.1 percent) figures. In the 12 months ending in September, Atlanta gained 43,000 net jobs. Leisure and hospitality led with 20,300 positions. Meanwhile, four sectors shed 16,300 jobs combined. Losses included trade, transportation and utilities (-6,600 jobs) and manufacturing (-1,000 jobs). The latter is poised for recovery in the foreseeable future, boosted by projects such as Andersen Corp.’s facility, which is slated to start operations in 2025. Rivian Automotive, which recently secured a $6.6 billion loan, is also contributing to this momentum.
Deliveries totaled 17,214 units in 2024 through November, while another 32,838 apartments were under construction. Investors traded $2.9 billion in multifamily assets in the first 11 months of 2024, with the per-unit price recording a 1.1 percent uptick.
