If it seems like there’s an endless construction pipeline of new rental properties in your Atlanta neighborhood, this could help explain why.
Of the 150 largest U.S. cities by population in the contiguous U.S., the ATL has been ranked as the second “most desired” city among renters in November, according to a new analysis by nationwide apartment search website RentCafe.com.
Atlanta’s rental scene has performed well in the monthly study throughout 2023, especially when the city was slotted as the No. 1 hottest rental market in April, marking the beginning of the high season. November’s No. 2 ranking was three spots higher than the previous month’s.
“Atlanta has ranked among the top 10 cities ever since [April] as renters have been intensely searching for apartments here all through the year,” a RentCafe.com rep wrote to Urbanize Atlanta.
The findings are based on RentCafe.com’s research team’s monthly analysis of millions of interactions on its website pertaining to apartment stock in the country’s largest cities.
The heaviest weight is given to each city’s apartment availability rate. That's calculated by dividing the total vacant units for the most recent month by the city’s total units and a year-over-year comparison of the same. The lower that rate, the more points each city earns.
According to analysts, a relatively small 1 percent increase in Atlanta’s available apartments in November is reflective of high demand. That’s despite a solid decade of multifamily development growth across the city.
RentCafe.com credits Atlanta’s status as “one of the South’s most dynamic tech hubs” with helping set it apart.
In addition to Atlanta locals looking to switch apartments, the majority of out-of-state searches were tracked to New York City, Chicago, and Orlando, showing “significant growth in the number of favorited listings and saved personalized searches,” per the analysis.
For the first time, Minneapolis claimed the No. 1 spot on the renting-demand hotlist this month.
Atlanta and Orlando (No. 8) were the only Southern cities to make the top 10.
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