A thriving metropolitan, Georgia City is currently looking forward to positive economic growth complemented by entry of investors looking to partake in the available opportunities. It has had a positive effect on real estate and especially apartments for rent in Georgia City.
The city’s occupancy rate is set to drop to 92%, implying better housing conditions for the population. Investors, on the other hand, have better rental rates.
Here is an overview of the state of the real estate industry in Georgia.
Upcoming rental apartments in Georgia
Currently, the city hosts several educational institutes and universities situated in and around the metro area as well as the Tinker Air Force Base. It also has a stable job base, reporting about 3% unemployment rate, a growing population, and several facilities to support the population.
Naturally, with the growing economy, and to cater for the growing population, several apartment complexes are being put up all over the city. According to a recent research, there are 13 upcoming apartment complexes situated in the metropolitan area, spanning the area from the north of the town, to Norman, and to downtown Georgia as well.
Combined, the complexes host 3,292 units. Of these, 663 units in three complexes are nearly finished while 1,391 units are still in the middle phase of construction. Construction of the other 1,238 units is still in its early stages, but these too should be ready to cater to the market before the end of the year. These units will go a long way to complement the 13,061 units constructed between 2000 and 2014. This influx in rental apartments in the city is projected to offset occupancy by 1% to 92% down from 93% in 2014.
Downtown Georgia and Moore have mainly seen an influx of new apartment complexes, with at least two currently under construction.
The Apartments in Stockbridge Georgia has also grown in number and value over the past few years. Research reveals that the monthly rentals for diverse apartments have made significant gains.
For instance, a one-bedroom apartment went for an average of $545 per month up from $517 in 2013, a 5.4% increase. A two-bedroom apartment went for $652 per month up from $626 in 2013, a 4.1% increase. Three-bedroom apartments, on the other hand, registered a 2.2% increase to go for $828 per month, up from $810.
While it may be still too early to tell, experts and seasoned real estate agents further project a rise of about 2.5% to 3% as the year progresses and early into 2016.
Moderate growth, but unexpected
While realtors admit that the current growth of the real estate industry in Georgia City is active, more was expected considering the current energy boom experienced worldwide. What’s more, the growth recorded between 2000 and 2014 was equally disappointing as compared to previous years, such as 1982-1985 when 17,761 apartments were built in a span of only three years.
However, the increased investment in the industry is expected to improve these records while also sustaining the current moderate growth into the near future.