First-quarter monthly rents average $808 overall and $915 at properties built in the last 10 years. The rent increases of 2.8% compare with increases of 4% to 5% between 1998 and 2000.
Apartment completions totaled 14,214 units, compared to an annual apartment demand of 13,250 units. The Bureau of Labor Statistics says rent growth was 4.7% below the metro area's consumer price inflation rate.
Greg Willett, M/PF Research's director of research products, says even with the slowdown in Atlanta's economy in late 2000 and early 2001, new apartment deliveries are still positive, despite a drop in new household formations and less demand in total housing.
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