Posted Jun 9, 2020, 9:14 PM
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Join Date: Feb 2005
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Apartment rents plummet in Buckhead and Midtown
https://www.bizjournals.com/atlanta/...hborhoods.html
Quote:
Over the past three months, apartment rents have fallen from 4% to 5.5% in some of Atlanta’s most expensive neighborhoods, including Buckhead and Midtown and areas along the Beltline.
The plunge happened during the most severe period of the coronavirus outbreak in Atlanta, when much of the city’s economy was locked down.
The sudden reversal ended 8 years of steady rent growth in the Atlanta market, according to the latest research from ApartmentData.com. Average rents were down 2.2% from March through May for the entire metro Atlanta market, but declines were sharpest in areas of Buckhead, Lindbergh and Emory, Midtown — including Piedmont Park — and the Atlanta Beltline Eastside Trail. Rents across the entire Atlanta market are down just 0.2% over the past 12 months thanks to a stronger performance in suburban apartment markets.
In metro Atlanta, ApartmentData.com surveyed 1,833 properties representing 445,356 units.
Atlanta apartment rents during worst of Covid-19:
- Buckhead: Down 5.5%, with rents now $1,834 per month
- Lindbergh, Emory: Down 5%, now $1,434 per month
- Midtown, Westside, Piedmont Park: Down 4.6%, now $1,684 per month
- Downtown, Atlanta Beltline Eastside Trail: Down 4.2%, now $1,446 per month
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