Landlords in Atlanta are signing up more tenants to lease documents, a development that's arisen because of an improving Atlanta jobs market.
Metro Atlanta added 24,000 new jobs from August 2009 to August 2010, according to data from the Bureau of Labor Statistics. Employment gains have led to a number of developers purchasing properties in the market in order to better position themselves to take advantage of rising rental demand, reported Multi-Housing News. Behringer Harvard recently purchased the 283-unit luxury apartment complex The Reverse at Lavista Walk.
"This was an opportunity for us to acquire a very well-designed, well-located luxury community that we think fits very well into our multifamily portfolio," Jason Mattox, chief administrative officer, Behringer Harvard, told MHN. "It's in close proximity to major employers and amenities that young, urban professionals are looking for."
The report added that effective rents in Metro Atlanta are projected to increase 7 percent over the next three to five years, while vacancy rates have declined 0.7 percent since the end of 2009. As a result, Mattox told the news source that the area could stand to see more new units added to the market in the near future.
Atlanta's rental market is not the only one to see recent improvements. The Dallas Morning News reported that construction in Dallas has resumed as builders see improving demand for apartments.