Atlanta ranks first for most constructed downtown apartments nationwide over the last decade

In line with a brand new examine by space for storing market StorageCafe, 4 of the highest 5 most lively downtown areas for brand new condominium development are within the South, with Atlanta, Georgia rating first for constructed downtown flats over the previous ten years. Town yielded over 21,500 flats over this era. 

For this examine, StorageCafe assessed the downtown areas of the nation’s 100 largest cities and ranked them based mostly on the amount of multifamily items produced over the past decade. Roughly 391,000 downtown flats had been constructed throughout these 100 cities throughout this time, which is 37% of the entire variety of multifamily items in these areas. Self-storage improvement has additionally risen on account of this development in downtown flats, with Atlanta main in self-storage area development over the past ten years as properly.

Over the previous decade, Atlanta’s downtown condominium stock elevated by 50%. Town is anticipating one other 7,000 flats, that are at the moment below development. In line with the examine, Atlanta’s development might be attributed to town reinventing itself as “the enterprise heart of the Southeast,” with a projected 1.9 million jobs to be added by 2040. These jobs can be in higher-paying sectors, equivalent to life sciences, engineering, and company administration, which might draw a inhabitants of younger professionals that want downtown dwelling. 

Behind Atlanta is Los Angeles, which noticed over 19,000 new downtown flats constructed over the past ten years. 900 items have been accomplished up to now in 2022, with one other 4,700 items set to rise within the subsequent couple of years. Los Angeles is adopted by Houston, Texas; Charlotte, North Carolina; and Miami, Florida as the highest 5 cities on the listing.

As well as, Nashville, Tennessee; St. Petersburg, Florida; and Phoenix, Arizona noticed the biggest shares of latest downtown condominium improvement. In every of those cities, housing in 50-plus unit buildings constructed between 2013 and 2021 represents greater than 70% of the large-scale condominium stock. Particularly, in Nashville, the 11,144 flats added over the past ten years are practically 80% of the world’s complete condominium stock.