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Atlanta's Hottest Rental Market May Surprise

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The metro is experiencing a multifamily boom, but its biggest source is a surprise

Multifamily housing is a big deal in Atlanta these days. It's the meal ticket for everyone from crane operators to interior designers.

With the construction of numerous apartment high-rises in the heart of the city and mixed-use developments often featuring hundreds of rental units each, it's no secret that developers are making a pretty penny off their projects. A new report on GlobeSt confirms that the multifamily market is booming for ATL investors.

But the hottest part of town may come as a bit of a surprise.

While Fulton County, bolstered by the City of Atlanta, may seem the obvious place for multifamily residential growth, the title for highest growth in annualized rents goes to suburb-centric Cobb County.

Boosted heavily by Kennesaw, which is expected to see a staggering 22.85 percent growth in rents between now and 2020, the county is riding high on development along the I-75 corridor. Add to that the increased student population of Kennesaw State University in recent years — now with more than 30,000 students — and growth is expected to continue.

Now if the county can convince millennials that they truly do want to live there, they might get something really going.