Atlanta Multifamily Market Report
Demographic and Economic Tailwinds Generating Strong Apartment Demand in Atlanta
Conditions align for improved apartment performance. Atlanta is enjoying an influx of young adults, the demographic most likely to form renter households. The 20- to 34 year-old cohort grew by 1.5 percent, or by nearly 19,000 people, in the last year alone. By comparison, the U.S. actually lost 74,000 individuals in that cohort as millennials continue to age. Homes are also becoming prohibitively expensive for younger workers. In the past year, the metro’s median price jumped nearly 26 percent to approximately $300,000. The alignment of these conditions pushed apartment vacancy below the 4 percent threshold for the first time since 2000. Low availability is providing plenty of room to push up effective rents.