During the fourth quarter of 2001, more people moved out of Atlanta apartments than moved into them, according to M/PF. The number of people leaving apartments outnumbered the people moving in by 4,450 between October and December.
"While Atlanta's apartment market performance had been sluggish for awhile, late 2001's downturn is quite sharp," Greg Willett, M/PF Research's director of research products, says in the report. "It's no longer a matter of new properties struggling to achieve initial lease-up. Sizable numbers of vacant apartments now exist at every product quality level and price point."
Not one of the Atlanta area neighborhood has apartment occupancy at 95% or higher. The regions that are highest are South Atlanta/South Fulton County, West DeKalb County/Decatur and Northwest Atlanta, which are all between 93.5% and 93.9% occupied. East Gwinnett County has the lowest occupancy, at 87.9%.
Overall, the average quoted monthly rent in metro Atlanta was $791, a decrease of less than .4 %, according to the report. Apartment owners and managers in Atlanta are cutting rents in an effort to attract renters. Rents are down 3.5% from the peak of mid-2001.
Monthly rents in metropolitan Atlanta average $791 overall and $907 at properties built in the last ten years. The highest rates are in North Atlanta/Buckhead, where prices average $1,023.
Typical rents for apartments built since 1990 are more than $1,000 across Intown/Midtown, Northwest Atlanta, North Atlanta/Buckhead and Chamblee/Dunwoody.
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