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Market Report

Atlanta Multifamily Market Report

3Q 2022

Rent Growth Returns to Sustainable Level as Construction
Activity Signals Incoming Supply Wave

Economic trends support vacancy, rent stabilization. Atlanta's multifamily sector is entering a cooling period as supply catches up to the unprecedented demand surge seen during the pandemic. Metrowide, unit availability closed June at 4.3 percent, 130 basis points above the year-end 2021 rate. Double-digit rent growth translated to vacancy decompression across all submarkets during the first half of this year, as availability closes in on the long-term average. Furthermore, rising vacancy across all apartment tiers indicates that this movement is driven by a mix of household consolidation and rapid development activity. Upward-trending availability is expected to end frenetic rent growth, with year-over-year gains in this metric expected to return to the single digits before the end of 2022.
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