Since the Great Recession faded away, the Atlanta landscape has become dotted with large-scale rental community success stories. Towers in Midtown and Buckhead and other choice rental destinations are fetching $2-per-square-foot rates, meaning a one-bedroom with some legroom will set tenants back a little less than $2,000 per month. Rents at Buckhead Atlanta and some Ponce City Market units will bump the bar higher, which is music to the ears of developers. Last we checked, some 16,000 apartments were under construction or proposed across Atlanta, and that was before news of three or four new Midtown towers had emerged.
In a recent progress report, Atlanta Intown Paper counts no fewer than 37 projects in development from Emory to downtown to the Westside. (Counting lesser-celebrated projects across the city — from the Cyan tower and AMLI projects near Lenox in Buckhead, to Perennial Properties' Westside build — that number is probably closer to 45). All of this begs the question: Is the apartment-building bonanza becoming too much, or will market demand make successes of these projects, too, thereby injecting the city with more life (and, yes, traffic)? During the Recession's doldrums, many said scaled-back apartment projects (as opposed to monolithic condo towers) would be Atlanta's elixir. Should we have been careful what we wished for, or is this just what the doctor ordered?
· Renters' Market: Apartment boom continues Intown [Atlanta INtown Paper]
· Photographic Proof Of ATL's Changing Rental Landscape [Curbed Atlanta]