Marcus & Millichap Releases 2024 Atlanta Self-Storage Market Report, Showcasing Market Resilience Amid Rising Vacancy
Thursday, October 3rd, 2024
Marcus & Millichap, has published its Midyear 2024 Atlanta Self-Storage market investment report.
“Atlanta’s robust population growth and steady in-migration continue to drive long-term demand for self-storage, despite short-term supply challenges,” stated John Leonard, First Vice President, Regional Manager.
Marcus & Millichap’s Midyear 2024 Atlanta Self-Storage Market Report provides investors with vital insight and analysis on the current state of the self-storage market, including:
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Atlanta saw over 69,000 new residents in the first half of 2024, ranking fourth among major U.S. metros for population growth, with the 20- to 34-year-old demographic leading this increase.
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The city will experience its second-largest self-storage delivery on record, with suburban locations expected to see a 5 percent inventory growth.
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Vacancy rates are projected to rise to 10.2 percent by year-end 2024, the highest in over a decade, driven by new supply concentrated outside the urban core.
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Average asking rents are expected to decrease for the third consecutive year, with urban Atlanta rates falling by 4.1 percent to $1.17 per square foot and suburban rates dropping by 8.2 percent to $0.90 per square foot.
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Job growth in the finance and health sectors helped add 27,500 positions in the first half of 2024, though layoffs in the tech sector have tempered optimism in some areas.
“While vacancy rates are climbing, Atlanta’s self-storage market remains well-positioned for future growth due to ongoing demographic shifts and economic resilience,” added Leonard.