For the moment, development activity in Atlanta isn’t out of control, though it’s key to note that “for the moment” is an essential part of this statement.
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Atlanta is finally starting to produce some decent job growth, but the big stock of single-family homes – for sale and for rent – appears to be gobbling up much of the housing demand. As a result, the Atlanta apartment sector continues to struggle – with even top-tier properties and submarkets putting up just ho-hum numbers of late.
The good news for the Atlanta apartment market is that apartment demand is up and occupancy is improving. The not-so-good news for Atlanta’s market comes in the rent growth stats.
Often the compelling results for the apartment market are what you see on the micro level, not what’s obvious from 30,000 feet. In Atlanta, a key example of this is found in the Vinings area.
Atlanta did better than expected in 4th quarter 2011, but the overall results remain worrisome in all but a few key submarkets inside the Perimeter.
Atlanta’s apartment sector continues to improve, but the recovery has been lopsided in the favor of upper-tier properties inside the Perimeter.
Atlanta’s apartment sector recorded a 1-point occupancy jump in 2011’s 2nd quarter. But that only made up for losses over the prior three quarters, and rent growth has remained limited. Jay Parsons explains.
We wish we finally had some good news to share on Atlanta’s apartment sector, but … there just isn’t much good news yet.
Competition from single-family homes and condos didn’t seem to dampen U. S. apartment market demand during most of 2009 and the first half of 2010. More recently, it looks like shadow market rental product has seen its popularity rise again in specific metros.
The U.S. apartment sector enjoyed such a strong year in 2010 that even the nation’s hardest-hit markets began shifting into recovery mode.
The recovery of the nation’s apartment market continued at full steam in the 3rd quarter of 2010, according to preliminary data from MPF Research.
Texas is the place that continues to build apartments even as the rest of the country slammed the brakes due to the recession.
Some new data from MPF Research reveals that the bleeding may finally be stopping for older properties in the Dallas/Fort Worth apartment market.