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While apartment rents in Atlanta declined last year, it wasn't because of a lack of interest.
Atlanta was the city that generated the most activity among potential renters on rental listing service RentCafe's website, the company said in a blog post this week, naming Georgia's capital the apartment market to watch in 2024.
The city was the most browsed among 150 major U.S. cities, and users saved more listings in Atlanta than anywhere else, per RentCafe.
“The popularity of Atlanta listings also helped the city rank first in April 2023, and the city is expected to maintain its momentum in 2024,” RentCafe Senior Creative Writer Alexandra Both wrote in the blog post.
Rounding out the top five most-viewed cities were Kansas City, Missouri; Cincinnati, Ohio; Arlington, Virginia and Orlando, Florida.
While Atlanta might have had the most potential renters kicking online tires for new apartments, that activity hasn’t translated to rent growth after rates reached record levels in 2021 and 2022.
In the third quarter of 2023, average rents in the region fell 3.3% to $2.37 per SF, according to Haddow & Co. data.
This comes as developers continue to unleash a record number of new apartment units inside the Interstate 285 Perimeter. Some 7,500 units are set to be delivered through the third quarter of this year, the highest number in a 12-month period on record, with another 4,000 still under construction, according to Haddow.
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