News
RED SKIES IN MULTIFAMILY MORNING?
July 26, 2012
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| If you weren't one of the 320 CRE pros who joined us this morning at the Westin Buckhead for our 3rd Annual Atlanta Capital Markets Summit, you missed a startling nugget dropped by Centennial Holding?s Andrew Trotter: Apartment owners in the metro area, on average, enjoyed 4.5% rent growth last year—and strong rental rate growth for the past three years. All without job growth. Andrew says that was ?unprecedented? and ?has absolutely nothing to do with the growth in the economy.? The destruction of Atlanta's housing market has turned many people into renters. But Andrew warns that rent growth due to a housing shift is not sustainable. ?Over the next two to three years, it will be incumbent on us and the economy to start growing? to justify continued rent growth. |
