ATLANTA—The multifamily market has been historically strong for several years now. Developers have responded by breaking ground on new product—and lots of it.
Indeed, developers will add 9,750 units this year, according to the latest multifamily report from Marcus & Millichap. That's up modestly from last year. New rentals will focus on high-rent areas in the Downtown, Midtown and Buckhead submarkets, where average rents per unit can top $1,400.
With this in mind, should we have concerns about multifamily overbuilding in Atlanta? We asked Josh Goldfarb, co-founder and co-managing partner of Multi Housing Advisors, an Atlanta-based brokerage firm that focuses exclusively on apartment investment sales, for his thoughts.
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