Atlanta was ranked the second-best destination for multifamily investment dollars in the first half of this year, according to a new study by investor CONTI Capital.
The recognition should come as no surprise to anyone who’s recently looked at the Midtown skyline, where numerous cranes are busy erecting a crop of new apartment towers.
Atlanta draws its strength as a multifamily market through its demographics, which skew heavily to the younger set of “prime renters,” CONTI said. This group expanded by 10,400 people, or 2.3%, in 2022, almost twice Atlanta’s overall population growth of 1.2%.
“Looking forward, we expect this demographic trend to continue at least into the short term, meaning young workers will continue to form households at an above-average rate, generating outsized rental housing demand in The Big Peach through our outlook period,” CONTI said.
As the home to numerous colleges and universities, Atlanta has a deep pool of educated renters to pull from. Atlanta is also home to 17 Fortune 500 companies and boasts a growing tech industry, although that took a hit when Microsoft recently confirmed that it was putting the brakes on its plans for a massive campus on the Westside.
The top 10 multifamily investment markets for 2023:
- Dallas.
- Atlanta.
- Austin, Texas.
- Charlotte, North Carolina.
- Orlando, Florida.
- Tampa, Florida.
- Houston.
- Nashville, Tennessee.
- Raleigh-Durham, North Carolina.
- Phoenix.