Since 2013, according to Yardi Matrix data study (a commercial real estate research source), over 21,500 rental units have been constructed in the Atlanta downtown core, with Los Angeles and Houston coming in second and third place. According to another Yardi Matrix study, they found 94% of the new construction to be considered “Luxury”.
According to FMLS (First Multiple Listing Service), the average one bedroom intown Atlanta apartment rents for over $2,100, with two bedrooms in the $2,650 ra
nge, which is around a monthly payment for a $416,000 home (Atlanta’s median sales price with 10% down on a thiry year mortgage at 6% rate, which is today’s average).
With the tight housing market, many would-be buyers are electing to rent for longer and expecting higher end amenities compared to condo alternatives.