News
ATLANTA REACHING PEAK?!
August 15, 2011
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| Atlanta has been performing below the national average, but it's a steadily improving market, says the data crunchers at Axiometrics. The company is in Dallas, so we sent our reporter there to catch up with VP Jay Denton and president Ron Johnsey. While the current annual effective rent growth of 4.7% might not seem special compared to other markets around the country, the highest peak they've ever reported for Atlanta was 5.6% in Q2 '06. It is on pace to pass that later this year. The occupancy rate for Class C product is 84.2%, while the B-plus and A product is above 95%. A positive note on Atlanta is the lack of new supply coming to the market. The 1,206 multifamily units permitted over the past 12 months ranks it as the 26th highest in the US. The latest census numbers show Atlanta has the ninth largest population of any MSA in the country. Of course, you have to look at total residential permitting, including single-family, but that number is down 90% from the peak in 2004. |
