Rent Growth for Multifamily Continues Rising in Atlanta

Multifamily rent growth in the Atlanta-Sandy Springs-Roswell Metropolitan Statistical Area (MSA) continued its upward trend in January, according to apartment and student housing research company Axiometrics.

The MSA’s 6.5% annual effective rent growth was a 14-basis point (bps) increase from December’s 6.4%. The number was a decrease from the 8.1% rent-growth rate reported in January 2015, which was the highest for Atlanta in the past seven years.

The 94.1% occupancy rate in January was slightly below December’s 94.2%, but 30 bps higher than the 93.8% of January 2015.

“Though rent growth has moderated from its peak of one year ago, the Atlanta market is still quite robust,” said Stephanie McCleskey, Axiometrics vice president of research. “Demand has outpaced supply for the past four years, and development is just now catching up to this pent-up demand. If job growth continues above 3%, the market is in for another strong year,” she added.