Experts believe that the Atlanta metro area will experience notable improvements in employment and other fundamentals that may contribute to business for rental managers and owners, among other stakeholders.
Construction of apartments is expected to remain slow while foreclosures are relatively high, real estate data firm Marcus & Millichap reports. The metro area will see projected employment growth of 1.6 percent during 2012, although the current unemployment rate of 9.2 percent means that the picture may remain troubled relative to the national average. Despite that, the recent growth of employment may be among the nation’s best, based on an Arizona State University study.
As these fundamentals strengthen, the firm notes that purchasing a home is difficult in the area at the moment. Combined, these factors are contributing to increases in both asking and effective rents and the vacancy rate of rentals is expected to drop.
Current and prospective residents who would have bought a home, or who find apartments too small for their purposes, may be more interested in single-family rentals and other types of property.