With an onslaught of top-shelf apartments sweeping the city, real estate experts and resident insiders report that Atlantic Station's fanciest stack of rentals might not have the caché it used to. "Due to (a) high number of new luxury rental buildings in Buckhead and Midtown, other buildings are starting to suffer," one anonymous emailer writes this week. "Such as The Atlantic at Atlantic Station, where owners are offering crazy incentives and lowering rents to try to differentiate from the competition. Battle of the amenities!" Sean Carter, a Coldwell Banker Realtor who represents two apartments in The Atlantic, puts it a little more gently: "These two dynamic units are truly one-of-a-kind and priced to rent quickly," Carter tells Curbed. "However, with the rental market picking up and inventory overflowing, it's hard for the units to truly shine." Could this be a fluke, or the dawn of a rental crisis for intown buildings that might not have that shiny, buzz-worthy new luster anymore? Hard to say, but it's definitely time to take a closer look.
Zillow lists 11 apartments for rent in the Art Deco-style building right now, but that could be off considering it has more than 300 units. (Granted, many of them are occupied as condos.) Carter calls his rentals — units #708 and #906 — two of the cheapest one-bedroom apartments in the building. Zillow and Craigslist listings seem to support that claim.
^ The cheapest unit we could find is #708, in fact, which is priced at $1,900 per month. And the rent was recently chopped by $100. It's a seventh-floor unit with one bedroom, one and ½ bathrooms, plus a den, with standard accouterments like hardwood floors and granite. The square footage is a relatively roomy 1,132.
For comparison's sake, let's have a gander at two newer towers also built by Novare: SkyHouse properties in Buckhead and Midtown.
At SkyHouse Buckhead, a one-bedroom, one-bathroom unit also on the seventh floor rents for much less: $1,656. But it's also way smaller at 723 square feet.
Nothing's available on the seventh floor of SkyHouse Midtown, but the largest available one-bedroom units (885 square feet) are renting for more than their Atlantic counterpart. Between $170 and $220 more per month.
So cheaper rent could be an incentive, though the numbers hardly spell, "Incentives warfare!"
[Atlantic stock photo via Zillow.]
^ The opposite end of The Atlantic's price spectrum is this three-bedroom big daddy that'll set renters back $3,661 per month. It has 2,030 square feet and some seriously show-stopping views.
Meanwhile, at Cyan on Peachtree, where "Tranquility Comes Standard" like illicit pool parties, the largest three-bedroom apartment (1,532 square feet) doesn't come close to The Atlantic unit, at least in terms of size. And prices for the Cyan's Persian Penthouse are now starting at — get this — $6,292.