Atlanta 2Q23 Multifamily Market Insights Report: Rents rebound at midyear, further gains likely

Highlights:

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• The Atlanta multifamily market posted a solid performance during the second quarter, even as the pace of multifamily deliveries accelerated. The vacancy rate held steady, finishing the second quarter at 5.1%. Asking rents ticked higher for the first time since the third quarter of 2022.
• The vacancy rate remained at 5.1% during the second quarter following two consecutive quarters of increases. Year over year, area vacancy is up 60 basis points.
• Rent growth rebounded in recent months after declines in each of the preceding two quarters. Asking rents ticked higher by 0.5%, reaching $1,575 per month. Rents in Atlanta rose 1.2% during the past 12 months.
• While sales velocity has been consistent during the first six months of the year, transaction volume to this point in the year is down significantly from levels recorded in the same period of 2022. The median price thus far in 2023 is $153,800 per unit, down 24% from the 2022 price.

Read the report, or engage with our Atlanta office to learn more.