Rental demand growing in Atlanta
The Novare group plans to build a 23 story building in Midtown. It could include more than 300 apartments. As the Atlanta Business Chronicle reports, it’s the latest sign there’s a growing demand in the rental market.
The proposed Novare building would go up at 6th and Juniper. A few blocks away at 12th and Crescent, developers are building a tower with 330 apartments.
Even homebuilder Beazer announced its getting into the rental market. Alan Wexler is CEO at Databank, an Atlanta based real estate research firm.
“Now you have a bunch of people who have moved into rentals because they were foreclosed on and it’s not just a small number, it’s a significant number. And fortunately for the apartment owners they are reaping the benefits.”
Even as the economy improves, there could still be demand for rentals. Wexler says young residents, transplants from other U.S. cities and those weary of long commutes may want to rent an apartment in town.
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