Given the strong economy and continued in-migration from the northeast and surrounding areas, Atlanta’s apartment demand remains elevated. Traffic and leasing across the metro are above the national average. However, significant new supply continues to dampen key multifamily fundamentals, including rent and occupancy.
Atlanta’s metropolitan area has a thriving economy, boasting a GDP of $385 billion, which ranks 11th in the United States and 22nd globally. The concentration of corporate operations and the city’s status as a transportation hub contribute significantly to this impressive economic performance. Atlanta’s reputation as an epicenter for Fortune 500 companies is well deserved, as it houses the country’s third-largest concentration of such firms. The presence of a highly educated workforce only adds to the region’s appeal to these multinational corporations. Atlanta’s significant contributions to the media, entertainment, IT, and film production industries are widely recognized.
A Few Fortune 500 Companies Located in Atlanta:
Ranked by revenue.
Atlanta boasts one of Southeast’s most diversified employment markets, with robust and steady job growth. Trade, Transportation, and Utilities make up roughly 22% of all jobs in the Atlanta metro, followed closely by the Professional and Business Services sector at 19.5%. However, Health Care, Government, and Leisure and Hospitality also make up a significant weight in the Atlanta employment market.
Atlanta has been one of the best job markets in the country and one of the fastest to recover from COVID-19. Its current unemployment rate of 2.6% is among the lowest in the nation and is nearly a whole percentage point below the national average. Job growth remains, and as of December 2022, jobs have been created in all but one month since April 2020. As a regional hub for commerce, culture, education, and health care, Atlanta remains one of the strongest economies in the Southeast.
Atlanta is the capital of the 8th most populous U.S. state of Georgia. According to the 2022 U.S. Census, the city’s population within its boundaries is 499,461, making it the 38th most populous city in the United States. However, this figure only captures part of the city’s influence, as Atlanta is also the center of a much larger metropolitan region with more than 6.1 million people. Consequently, this makes it the eighth-largest metropolitan area in the United States.
Atlanta, founded in 1847, established itself as a significant transportation hub with the convergence of several state-funded railroads, including the Western and Atlantic Railroad. Atlanta was vital in distributing military supplies during the American Civil War until the Union Army captured and destroyed the city in 1864. After the Reconstruction era, Atlanta gradually rebuilt and experienced exponential growth in the early 20th century. It became a central organizing center for the Civil Rights Movement, with Martin Luther King Jr. and other African American leaders playing a prominent role. In 1973, Atlanta elected its first black mayor, Maynard Jackson, whose years in office oversaw the modernization of Hartsfield-Jackson International Airport, leading it to become the world’s busiest airport in 1998, a position it has maintained except for 2020, affected by the COVID-19 pandemic.
Atlanta rests in the foothills of the Appalachian Mountains, situated within the southeastern region of the United States. With an elevation of 1,050 feet above the average sea level, Atlanta has the highest altitude among the significant cities east of the Mississippi River.
Atlanta divides into three primary high-rise districts running north-south along Peachtree: Downtown, Midtown, and Buckhead, with 242 officially designated neighborhoods. The more spacious, low-density neighborhoods surrounding these densely populated districts feature predominantly single-family homes.
Downtown is the leading office space provider in the Atlanta metropolitan area, with government entities occupying a significant portion. Besides housing many sports venues and tourist attractions, Downtown is a bustling hub of activity. Midtown is the second-largest business district, home to numerous regional law firms, educational institutions, and cultural and artistic landmarks. Additionally, Midtown features dense urban developments. Buckhead, located approximately eight miles north of Downtown, is Atlanta’s uptown district. Buckhead contains an urbanized core along Peachtree Road and suburban single-family neighborhoods among woods and hills. As Atlanta’s third-largest business district, Buckhead offers an eclectic city and suburban living mix.
Atlanta’s population grew by 1.14% in the last year and 18.7% over the past decade, according to the latest census. DeKalb, Gwinnett, Fulton, and Cobb are some of the most densely populated counties in the greater Atlanta area. The Atlanta Regional Commission (ARC) predicts that Metro Atlanta will add 2.9 million people over the next 30 years, resulting in a total population of over 8.6 million. The Median household income of Atlanta households is $69,164. With an average monthly rent across the metro of $1,779, the average rent makes up roughly 30% of the median income.
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