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axiometrics jay denton ron johnsey apartment mulitfamily atlanta rents national average
Atlanta has been  performing below  the national average, but it's a steadily improving market, says the data crunchers at Axiometrics. The company is in Dallas, so we sent our reporter there to catch up with VP Jay Denton  and president  Ron Johnsey. While the current annual effective  rent growth  of 4.7% might not seem special compared to other markets around the country, the highest peak they've ever reported for Atlanta was 5.6% in Q2 '06. It is on  pace to pass that  later this year. The occupancy rate for Class C product is 84.2%, while the B-plus and A product is above 95%. A positive note on Atlanta is the  lack of new supply  coming to the market. The 1,206 multifamily units permitted over the past 12 months ranks it as the 26th highest in the US. The latest census numbers show Atlanta has the  ninth largest population of any MSA in the country. Of course, you have to look at total residential permitting, including single-family, but that number is  down 90% from the peak in 2004.
Related Topics: Jay Denton, Ron Johnsey