New year, new challenges! As rentals are a red-hot commodity these days and older buildings are almost filled up, in our latest report we uncover the top 50 cities where renters have the best chances of moving into newer, larger apartments located in coveted areas.
Atlanta ranks 4th among Georgia’s best cities for finding new apartments due to a whopping increase in the number of newly built rentals. However, suburbs such as Alpharetta and Duluth surpassed the capital of Georgia, boasting a higher share of new apartments in top locations, what's more these cities offer even bigger apartments than Atlanta.
Atlanta became a heavy builder in the past decade, seeing a 39% increase in the stock of new apartments. Around 45,400 new rentals entered the market since 2012 in the capital. Moreover, half of these apartments are located in quality neighborhoods (55.2%).*
These freshly built units offer 912 sq. ft on average, which is slightly lower than the national average (930 sq. ft), but still spacious enough for comfortable living.
Atlanta is one of the places in Georgia where the occupancy rate of new rentals reaches records (95.4%). However, almost 5% of these newly built, modern rentals are ready to be leased by prospective renters.
How other cities compete in Atlanta-Sandy Springs-Roswell metro?
Alpharetta is the top city in the metro for finding new apartments. What’s more, it ranks 6th among the nation’s best 50 cities amid 100% share of apartments in top location. It offers bigger apartments than Atlanta (995 sq. feet on average) with less occupancy rate (93.3%).
Meanwhile, Duluth ranks 6th as the top suburban area with new apartments, out of which 70% are in well-maintained neighborhoods. Compared to Atlanta, Duluth has significantly less occupancy rate (79.7%) which makes the competition less fierce in the city.
Nationwide, new apartments built during the last 10 years grew the total number of apartments by 33%. What’s more, the Sun Belt states are the best destinations to find new apartments. For example, out of the 178 cities analyzed, Georgia boasts twelve cities in our ranking.
Here’s the link to our full report:
About our data and methodology:
To compile this report, RentCafe.com’s research team analyzed Yardi Matrix apartment data across 178 U.S. cities.
*By new apartments built in top locations (as rated by Yardi Matrix), we are referring to: class A, A+ and A- multifamily properties in well-maintained neighborhoods, within close proximity to major employment sources, good quality sources of shopping and entertainment, a large body of water, public transportation and/or major thoroughfares, that also have site frontage onto a golf course, private lake or park and nice city views from a mountainside or a high-rise tower.