Atlanta is expected to continue to have a strong multifamily market, thanks to several key economic drivers as well as anticipated future population and job growth. These were the takeaways from Christopher Lee, President and CEO of CEL & Associates, Inc. at our Multifamily Global Perspectives Panel Discussion. Lee delivered the keynote, sharing data and transformative events occurring in the multifamily industry.
“Multifamily is the future, and capital wants to be in markets like the Southeast, which are dynamic and robust,” he said. Key economic drivers for the city include:
- More than 602,000 business in Georgia, of which 510,000 are located in Atlanta
- Georgia has over 280,000 tech jobs, mostly in Atlanta, and it’s one of the fastest growing tech markets in the country
- Atlanta also ranks No. 3 in STEM job growth employment and No. 27 in total STEM jobs
- In 2016, Atlanta was the second fastest growing economy among the top 10 metro markets in the U.S.
These drivers, among others, indicate that population growth should continue. According to the Atlanta Regional Commission, the number of jobs in the city is expected to increase from 2.98 million in 2015 to 3.3 million by 2020, and to 3.5 million by 2025. This will lead to population growth of 6.5 million in 2020 and 6.9 million by 2025.
As a result, the number of multifamily units in the city and rent growth are expected to rise, according to RCG. In 2018, the city will have 590,000 multifamily units and rent growth of 2.2 percent; in 2019, 598,000 units and rent growth of 2.4 percent; and in 2020, 606,000 units and rent growth of 3 percent. Atlanta’s multifamily market is poised for tremendous growth in the coming years.