• loader

    Atlanta Market Insight Report

    Summer 2024

    icon
    $1,617

    Average
    Rent

    icon
    88%

    Average
    Occupancy

    icon
    $22B

    YTD Sales
    Volume

    icon
    -3%

    YoY Rent
    Change

    icon
    2%

    Occupancy
    Change

    April 23, 2024

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

    Employment

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

    % ∆ from February 2023
    Metro Area Employment (Thousands) Feb 2024Atlanta National
    Total Non-farm3057.52.5%1.8%
    Mining, Logging, and Construction 146.70.0%2.6%
    Manufacturing182.63.3%2.7%
    Trade, Transportation, and Utilities652.70.0%0.1%
    Information98.2-0.1%0.4%
    Financial Activities207.4-3.6%-2.9%
    Professional and Business Services581.35.3%0.5%
    Education and Health Services416.30.1%0.7%
    Leisure and Hospitality310.17.1%4.2%
    Other Services103.96.7%3.0%
    Government359.33.1%1.9%

    Source: insert source here

    Rental Market

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat

    icon
    $2,364

    Average Monthly
    Mortgage Payment

    icon
    $1,597

    Average Monthly
    Rent

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

    Average Rent / Vacancy

    • Average Vacancy
    • Average Rent
    • 8.8
    • 8.5
    • 6.3
    • 7.9
    • 11.1
    • 12.3
    • 19 1345
    • 20 1374
    • 21 1556
    • 22 1666
    • 23 1640
    • 24* 1623

    Asking Rent / Bedroom

    • Atlanta MSA #aacff2
    • US #1c252c
    • Studio
      • 1409
      • 1531
    • 1 BR
      • 1443
      • 1520
    • 2 BR
      • 1672
      • 1774
    • 3 BR
      • 1983
      • 2181

    Multifamily Construction

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat

    icon
    1K

    Multifamily Completions
    Past 12 Months

    icon
    4K

    Single Family
    Permits

    icon
    2K

    Multifamily Permits
    (5+ Units)

    icon
    $420K

    Median Single
    Family Price

    Completions / Net Absorption

    • Growth
    • #Units
    • 3.1
    • 4.5
    • 2.8
    • 2.1
    • 0.9
    • 1.1
    • 23 15000
    • 24 22000
    • 25 20000
    • 26 9000
    • 27 5000
    • 28 6000

    Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

    Units by Submarket Delivering in 2024

    icon
    28,050

    Units Under
    Construction

    icon
    17,350

    Units UC Delivering
    in the Next 4 Quarters

    SubmarketUnits Under
    Construction    		% of Total UCUnits UC Delivering
    in Next 4 Quarters
    Cumberland/Galleria1 4152.6%625
    Midtown Atlanta3 11614.7%1 336
    Buckhead5011.8%205
    Sandy Springs/Dunwoody5361.6%665
    Outlying Gwinnett County1 5994.9%3 118
    North Gwinnett2 5578.1%970
    Eastside Atlanta9384.9%1 938
    North Atlanta2 2879.8%712
    North Fulton5462.5%255
    Decatur/North Druid Hills7853.6%712
    West Midtown Atlanta2 21214.5%1 402
    Southeast DeKalb7492.4%239
    Kennesaw1 2298.4%1 291
    Cherokee County1 53413.1%826
    Clayton County6962.7%223
    South Atlanta9015.0%553
    Northlake00.0%0
    Henry County6846.1%1 690
    Westside Atlanta6093.5%154
    Downtown Atlanta2 06036.2%129
    Forsyth County00.0%310
    South Fulton1 45314.4%1 295
    Douglas County00.0%728
    Coweta County961.7%103
    Bartow County3707.4%1 614
    Rockdale County00.0%810
    Paulding County00.0%254
    Newton County64119.5%315
    Fayette County00.0%0
    Carroll County2808.1%302
    Dawson County00.0%80
    Barrow County25627.0%235
    Spalding County00.0%114
    Walton County00.0%249
    Pickens County00.0%0
    Butts County00.0%0
    Lamar County00.0%0
    Haralson County00.0%0
    Heard County00.0%0

    Multifamily Sales

    $133B

    YTD Transaction Volume

    -55%

    YoY Change

    $200,992

    Price Per Unit

    -9%

    Annual Price Change

    Average Sales PPU / Cap Rate

    • Cap Rate
    • $/Unit
    • 5.5
    • 5.2
    • 4.6
    • 4.5
    • 5.3
    • 5.6
    • 19 165791
    • 20 181552
    • 21 221992
    • 22 241489
    • 23 212215
    • 24 YTD 201168

    After a year of unsustainable double-digit rent hikes, asking rent growth has slowed to 1.6% in the first quarter of 2024, below the five-year historical average growth of 5.5%. Still, rent growth continues to surpass national average gains of 0.5%. Demand saw a healthy rebound in the second half of 2023, totalling over 5,800 units absorbed for the year.

    Team

    Shimon Shkury

    President & Founder

    (212) 544-9500 Ext. 11
    sshkury@arielpa.com

    Victor Sozio

    Founding Partner

    (212) 544-9500 Ext. 12
    vsozio@arielpa.com

    Michael A. Tortorici

    Founding Partner

    (212) 544-9500 Ext. 13
    mtortorici@arielpa.com