Way back in 2012, as Atlanta limped from the depths of recession, three projects were moving skyward in Midtown with eventual heights between 12 and 23 stories. It was exciting stuff. And on these pages, it was coined a “boom.”
By today’s standards, that was so cute.
Five years later, dozens of large-scale developments have delivered, the city’s skyline has noticeably thickened, and about 40 projects are still in the works (or have recently opened) in Midtown alone.
And now, new stats indicate the main driver of Atlanta’s recent physical changes—large apartment communities—shows few signs of easing off the gas pedal.
According to RENTCafé, more fresh rentals are expected to deliver across the U.S. in 2017 than at any other point in the past 20 years. Metro Atlanta is ahead of the curve, researchers found, logging more expected apartment deliveries in 2017 than all but seven other markets.
Roughly 11,800 new apartments are expected to hit the Atlanta metro this year. That’s a 40 percent increase over 2016, suggesting the boom is still very much upon us.
Still, that’s less than half of what SunBelt competitor Dallas expects to add this year.
The online apartment marketplace, pulling data from sister company Yardi Matrix, gave this summation for greater ATL:
“Metro Atlanta—which is more affordable from the get-go—is also rather timid when it comes to rent growth. With average rents hovering around $1,151 [per month], a modest 3.9-percent increase y-o-y, and a healthy job market, the ATL remains one of the best places to live in the U.S.”
Another important stat: Job growth of 3.1 percent across the metro makes Atlanta one of the hottest employment markets in the land, the study found.
And when it comes to new apartment frenzies, competition could spell good things for Atlantans forking over rent.
“With more units on the table, renters may be able to get some discounts and concessions on new leases,” predicted Yardi Matrix senior analyst Doug Ressler, “including one month of free rent, waived move-in fees, and free gym memberships.”
The broader outlook: