Atlanta among top cities for downtown apartment growth since 2020
ATLANTA -
Downtown Atlanta has seen a boom in apartment construction over the past four years, continuing a trend that defined the previous decade, according to a new study by RentCafe.
What we know:
Fueled by expanding tech and manufacturing sectors and ongoing infrastructure investment, developers have prioritized the city’s core.
According to data from RentCafe and its research partner Yardi Matrix, more than 11,000 new apartments have been built in downtown Atlanta since 2020, accounting for over 35% of the city’s total new apartment completions.
By the numbers:
Atlanta ranks fourth among the nation's largest cities for downtown apartment additions between 2020 and early 2024.
A total of 11,130 new downtown apartments were completed during this period, making up 35.3% of the city’s overall new units. Of those, only 1.5% were created through adaptive reuse, meaning the conversion of older buildings—well below the previous decade’s 7.5% share.
The average rent in Atlanta as of March is $1,758, and the average apartment size is 970 square feet.
Big picture view:
Nationwide, cities are beginning to shift focus away from downtown development, with suburban and outlying areas seeing more construction.
While 39.2% of new apartments were located in downtown areas during the 2010s, that figure has dropped to 34.7% since 2020.
Adaptive reuse, once a common tool to revitalize older urban structures, has also declined nationally from 10% in the 2010s to just 6% today.
The other side:
Despite this national slowdown, some cities still rely heavily on adaptive reuse to drive downtown development. Manhattan, Milwaukee, and Kansas City stand out with high percentages of downtown apartments created through conversion—ranging from nearly 19% to over 36%.
Why you should care:
Atlanta’s downtown growth isn’t just about skylines—it reflects changing patterns in urban development, infrastructure investment, and housing demand. As prices and rent affordability continue to shape conversations across the region, understanding where growth is happening can offer clues about the city’s evolving priorities.