Multifamily vacancy rates hit record high in Atlanta. What’s driving this trend?

– Multifamily rent growth has significantly slowed since the 16.5% YOY growth captured during 2021 as a result of the quantity of new product delivered within Atlanta over the last couple of years. In 2022 and 2023 over 37,000 new multifamily units have been added to the market inventory.

– Due to the influx in deliveries, vacancy rates have reached an all time high at 11.9% and this number is projected to slightly increase during 2024.

– Although there is an increase in vacancy, construction continues to remain steady as Atlanta’s population is expected to add 1.8 million residents by 2050 according to the Atlanta Regional Commission. For now, rent growth is projected to see another steady decrease year-over-year due to cooling demand.