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Market Report

Atlanta Multifamily Market Report

3Q 2023

Corporate Expansions, Rising Incomes and a
Growing Youth Population Buoy Renter Demand

In-migration creates long-term tailwinds. Across 2022 and 2023, Atlanta will gain roughly 140,600 new residents on net through in-migration. Population growth is aided by continued corporate investments, such as Duckshin Housing building a $15 million facility in Athens-Clarke County, and John Deere Electric Powertrain LLC proposing an electric battery module facility in Forsyth. The addition of well-paying jobs has led to a rise in the median household income, which will surpass $82,000 per year by December. This has contributed to the vacancy rate in the Class A segment — which was at 6.6 percent in June — ending up below the Class B and C rates of 6.9 and 7.4 percent, respectively. A record-high delivery slate could loosen this unusual dynamic this year; however, the softer pace of rent growth in top-tier properties may encourage many renters in this segment to stay put, despite recessionary fears.
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