Buckhead residents who've noticed that the area is beginning to seem a little more, um, occupied are not hallucinating. According to a Buckhead Coalition press release, the number of apartments in Buckhead has literally doubled in just the last three and 1/3 years — since Atlanta began clawing from the trenches of recession — and it seems a new high-rise rental tower is uncloaked every week. Prior to 2012, Buckhead counted about 12,700 total apartments, according to the coalition. But since then, almost 13,200 new rentals have been delivered or are in some stage of development now.
Coalition leaders chalk the apartment-palooza up to "the changed profile of Buckhead residents to the millennials who want this flexibility to go with the flow, with the prediction many will walk to work and ride bikes for surrounding amenities" — unless all the bike-lane initiatives are stymied, that is.
Various studies (and plenty of "Leasing" tabs on the websites of new towers) have indicated that very few of the new apartment product is sitting empty right now. Earlier this year, RentPath, for instance, found that demand for new rentals has outpaced supply for three years, predicting that vacancy rates in Atlanta would dip to 5 percent by the end of 2015. Meanwhile, average rents across Buckhead had surged by 8.3 percent last year.