Atlanta Multifamily Report – January 2026
The market led the U.S. in a key metric last year.
Atlanta’s multifamily fundamentals softened but showed signs of stabilization going into the final innings of 2025. Advertised asking rents declined 0.5 percent year-over-year, to $1,638 through November, compared to a 0.2 percent U.S. increase, to $1,740. Occupancy in stabilized assets, meanwhile, posted the strongest gain among the top 30 U.S. markets, up 100 basis points year-over-year, to 93.7 percent in October.
Atlanta’s labor market is cooling, with employment up 0.4 percent through August, compared to 0.8 percent nationally. The metro added 7,300 net jobs over the 12 months ending in August. Unemployment held at 3.5 percent as of August, trailing Georgia’s 3.4 percent and outperforming the 4.3 percent U.S. rate. Job growth was led by education and health services and leisure and hospitality, while trade, transportation and utilities and construction contracted. Still, major programs including the $11.6 billion ATLNext upgrade at Hartsfield-Jackson International Airport, SR 400 express lanes and Microsoft’s $1.8 billion Union City AI data center campus underpin longer-term economic growth.
New supply remained elevated, as developers delivered 16,086 units in 2025 through November. The pipeline was sizable, with 24,071 units underway, nearly half of which started construction in 2025. Investment activity was subdued, with $3 billion in multifamily assets trading through November. The average price per unit slid 8.6 percent year-over-year, to $169,244, significantly below the $206,794 U.S. figure.
