Last year, more multifamily permits were approved in the Atlanta metropolitan area than in the last 33 years. The figures, based on data from Apartment List and the U.S. Census Bureau, show that about 21,000 multifamily permits were issued in 2022 in the Atlanta metro area, which also included the suburbs of Roswell and Sandy Springs. The figure is triple what it was a year prior in 2021, when 8,000 permits were issued. Atlanta’s multifamily permitting has grown steadily since the Great Recession, and after a brief dip during the early days of the pandemic, numbers have continued to soar. Nationwide, Atlanta ranks 15th when measuring metro areas based on the number of approved permits per 1,000 residents, behind markets in Texas, Florida, and North Carolina. Just over half of the permits represent single-family housing, while 44 percent represent multifamily projects.
The major uptick in multifamily development is welcome news for the apartment rental industry and the nation’s 44 million renters. Located in the booming “Sunbelt” region, Atlanta has continued to attract new residents and companies, drawn in many cases by the lower cost of living and a business-friendly tax environment. Conditions have been improving in the multifamily market as a whole over the past few months, according to a recently released report from the National Multifamily Housing Council (NMHC), which showed more limited price increases, slightly fewer construction delays, and some easing in the labor market. But while there were some positive signs, construction costs and delays still remain stubbornly high, and have continued to be hurdles for getting much-needed housing built, especially at lower income price points, according to NMHC.