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Apartment Demand Takes Positive Turn

ATLANTA-The market absorbed 3,000 units in the second quarter, marking the strongest demand in two years.

By Carl Cronan | Updated on July 01, 2009

ATLANTA-After being one of the nation’s most beaten-down apartment markets, the metropolitan area absorbed 3,000 units during the second quarter. That’s the first positive absorption recorded locally since late 2007, according to a new report by MPF Research.

While Atlanta is suffering the same types of job losses as many other large cities across the US, the demand for apartments is seen as coming from a shadow market of people who either owned condominiums or rented single-family homes, MPF states. As some of those units have gone into foreclosure, the firm speculates, residents missed the service they got from professionally managed apartment complexes.

“They have returned to the more stable and customer-focused environment found in most apartments,” says Greg Willett, MPF vice president of research. “The sizable rent cuts seen recently also helped to make apartments a more attractive option.”

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