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Market Report

Atlanta Multifamily Market Report

2Q 2024

Construction Warranted by Atlanta's Population
Growth Potential is Also Lifting Vacancy

Construction is necessary long-term, despite headwinds this year. Vacancy has rapidly increased in Atlanta over the past two years. The metro will tie for the second-highest vacancy rate in the country this year, coinciding with the fifth-highest expected completion slate among all major U.S. markets. This has begun to impact rents as over the trailing 12 months ended in March, Atlanta recorded the second steepest downward shift in average effective rent nationally. While elevated completions will complicate performance near-term, new builds are likely to find renters in the coming half-decade. Nearly 190,000 residents are projected to relocate to the metro during that span, the highest total in the Southeast, and high-paying employment sectors, in particular, will contribute to Class A unit demand.

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