Marcus & Millichap

Atlanta Local Apartment Report

Third Quarter 2019

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In-Migration and Job Growth Boost Rental Demand; Builders Add High-End Apartments

Employment growth continues to pace above the national rate. Atlanta’s economic strength has been drawing an increased number of white-collar jobs to the metro, bolstering the high-end apartment market. Since 2014, strong apartment construction has delivered roughly 45,000 new units, more than double the deposit from the previous five years. While builders have been advancing inventory, the metro’s economic growth has expanded the renter pool. Employment gains in the construction and health services sectors have resulted in robust household creation and demand for Class B and C units. Renter demand surpassed the new additions, compressing vacancy 130 basis points over the past five years. Strong in-migration and job creation will support apartment demand, underpinning performance into next year.

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