Supply Drives Multifamily Fundamentals Downward in Atlanta
Atlanta’s apartment market is struggling as new supply weighs heavily on performance from the property level all the way to the market level. The local economy continues to flourish as job growth and population growth remain among the best in the country, however the onslaught of new apartment construction has outpaced demand. Suburban properties are outperforming urban properties, especially in locations with less supply, yet operating fundamentals are down in all submarkets. This current wave of supply will eventually dissipate and the strong demand drivers that endure will bring apartment performance in Atlanta back to its historical trend, but it will be a challenging market to operate in for the next 12 to 18 months.
Demand fundamentals remain above the national average in most submarkets across Atlanta as traffic and leasing remain strong. Yet occupancy and rent performance both on an absolute basis and a year-over-year growth basis trail the nation by a significant margin.
Traffic and Leasing
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