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Apartment Investors Still Looking at Atlanta

ATLANTA-Marcus & Millichap says strong job prospects offset competition by houses for rent.

By Carl Cronan | Updated on May 07, 2008

ATLANTA-Investors from beyond Georgia still seek opportunities among metropolitan apartment complexes based on the area’s continued strong job growth, according to a new report by Marcus & Millichap Real Estate Investment Services. However, apartments face new competition from a growing number of single-family homes being put up for rent.

Employers are expected to add to their local payrolls for the fifth consecutive year, with 22,200 new positions forecast through 2008, according to the firm’s latest Atlanta Apartment Research Report. Those prospects are driving investor demand for local rental units, with properties selling for a median price of $64,800 per unit over the past year, up 17%.

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