The most anticipated report is out – and the news is awesome. No less than 420,000 new apartments are expected to be built nationwide by the end of this year.
And considering 2021 as well, the last time apartment deliveries went over 400,000 units was in 1972.
Here are the highlights for the Atlanta area:
- Atlanta metro takes the 8th position nationally in terms of new development, with an estimated 12,800 apartments, on the way. The previous year saw just 15,250 new units come up in the area.
- At city level, Atlanta proper will build the bulk of the projected apartments – 6,693 units, of which it already built 1,421. Next in line are Buford – 744, Douglasville – 671, and Decatur – 534.
- Demand for rental apartments grew nationwide, amid rising inflation and interest rates, which turned the dream of homeownership into a nightmare for some renters. This is what’s driving the current boom in apartment construction, with 420,000 new rentals projected for completion this year.
Check out our full article, rich with visuals and graphics, as well as data for the major metros: https://www.rentcafe.com/blog/rental-market/market-snapshots/apartment-construction-2022/