Atlanta Multifamily Market Report
Summer 2024
Average
Rent
Average
Occupancy
YTD Sales
Volume
YoY Rent
Change
Occupancy
Change
YTD Individual
Transactions
Exploring the housing landscape over the past 12 months reveals a vibrant tapestry of development and investment. The construction of new units has surged, indicative of a robust demand for housing. Each structure that dots the skyline represents the culmination of meticulous planning and the issuance of permits, with 19,950 units marking a milestone in urban expansion.
The financial facets of housing are just as telling, with the median single-family price sitting at $428K, a number that encapsulates the economic forces at play—from supply and demand to the economic policies influencing the market. The narrative of housing is complex, woven from the threads of construction, regulation, community, and economics. Each number and statistic is a story of people, plans, and places coming together, painting a picture of an ever-evolving landscape where the foundation is laid for communities to thrive and grow.
Employment
Population growth has returned to Miami-Dade County after two years of losses from 2020 through 2021. The Metro has enjoyed an inflow of high-net-worth individuals, which brought in $6.4 billion in new wealth.
| Metro Area Employment (Thousands) | June 2023 | Atlanta | National |
|---|---|---|---|
| Total Non-farm | 3123.2 | 2.5% | 1.8% |
| Mining and Logging | 1.9 | 0.0% | 2.6% |
| Construction | 145.5 | 3.3% | 2.7% |
| Manufacturing | 176.3 | 0.0% | 0.1% |
| Trade, Transportation, and Utilities | 663.5 | -0.5% | 0.4% |
| Information | 113.4 | -3.6% | -2.9% |
| Financial Activities | 212 | 5.3% | 0.5% |
| Professional and Business Services | 599.6 | 0.9% | 0.7% |
| Education and Health Services | 426.6 | 7.1% | 4.2% |
| Leisure and Hospitality | 320.4 | 6.7% | 3.0% |
| Other Services | 109.4 | 3.1% | 1.9% |
| Government | 354.6 | 3.5% | 2.7% |
Source: U.S. BLS, Current Employment Statistics
Rental Market
Population growth has returned to Miami-Dade County after two years of losses from 2020 through 2021. The Metro has enjoyed an inflow of high-net-worth individuals, which brought in $6.4 billion in new wealth.
Average Monthly
Mortgage Payment
Average Monthly
Rent
* The Average mortgage payment is based off a median home sales price of $376,500 as reported by the Atlanta Association of Realtors as of August 2023.
Average Rent / Vacancy
Asking Rent / SF
Multifamily Construction
New Units Past 12 Months
as of 12/2023
Single Family
Permits
Multifamily Permits
(5+ Units)
Median Single
Family Price
Completions / Net Absorption
Population growth has returned to Miami-Dade County after two years of losses from 2020 through 2021. The Metro has enjoyed an inflow of high-net-worth individuals, which brought in $6.4 billion in new wealth.
Units by Submarket Delivering in 2023
Units Under
Construction
Units UC Delivering
in the Next 4 Quarters
| Submarket | Units Under Construction | % of Total UC | Units UC Delivering in Next 4 Quarters |
|---|---|---|---|
| Downtown Atlanta | 1,011 | 3% | 542 |
| Midtown Atlanta | 3,971 | 12% | 2,400 |
| Northeast Atlanta | 956 | 3% | 564 |
| Southeast Atlanta | 1,363 | 4% | 538 |
| South Atlanta | 109 | 0% | 109 |
| West Atlanta | 3,215 | 9% | 1,524 |
| Buckhead | 470 | 1% | 470 |
| Sandy Springs | 286 | 1% | 163 |
| Dunwoody | 598 | 2% | 598 |
| Chamblee/Brookhaven | 1,938 | 6% | 1,216 |
Multifamily Sales
YTD Transaction Volume
YoY Change
Individual Transactions
Price Per Unit
Annual Price Change
Average Sales PPU / Cap Rate
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, totaling over 5,800 units absorbed for the year.
Team
Shimon Shkury
President & Founder
Victor Sozio
Founding Partner
Michael A. Tortorici
Founding Partner