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Apartment Occupancy at 94.6% and Rents Rising Despite Slow Fourth Quarter

ATLANTA-After impressive demand during the first three quarters of 2000, the metro market showed signs of slowing in the last three months of the year, according to M/PF Research Inc., a Dallas-based firm. Rents climbed by 3.4% with the average quoted rent at $798 per month.

By Judith Schonbak | Updated on February 01, 2001

ATLANTA-Demand for apartments in the metro area tallied more than 15,500 units in 2000, while new completions totaled 13,799 units, according to a new market report by M/PF Research Inc., a Dallas-based firm that analyzes selected metropolitan markets. About 16, 725 units were delivered in 1999.

Despite a fourth-quarter slowdown in renting activity, the year finished with a 94.6% occupancy, up 0.7% over 1999. Rents rose by 3.4% with the average quoted rent at $798 per month. But they weren’t up in all submarkets, according to the report. Competition drove rents down fractionally in the Intown/Midtown area where owners even granted concessions during the year after 1,500 new units were delivered.

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