Is the Atlanta small multifamily market shifting? (11.5 Months of Supply)
Hey everyone, I’ve been diving deep into the data for the underserved 2–50 unit multifamily layer across Metro Atlanta and North Georgia, and the numbers from this August point to a clear shift. Core Metro Atlanta inventory has climbed to an elevated 11.5 months of supply, officially tipping us into a soft buyer’s market for small commercial and residential multi-units. Median asking rents are holding at $1,300, while the median cap rate on closed deals has expanded to 7.7%. However, the real story is how fragmented the submarkets are right now:
- Fulton County is leading the slowdown with a soft 10.4 months of supply.
- Gwinnett County is bucking the trend entirely, remaining incredibly tight at just 3.8 months.
- Floyd County is seeing surprisingly strong transaction velocity, logging 23 closed deals over the rolling 12 months.
With capital costs where they are, are you seeing sellers in your target Georgia counties starting to budge on prices, or are they holding out? For those active in North GA or Metro Atlanta, are you looking to buy right now with this increased leverage, or are you waiting on the sidelines?