The vacancy rate in the Bartow County multifamily submarket currently sits at 28.7%, representing a significant increase of 12.0% over the past year. During this time frame, 1,600 new units have been delivered, while absorption has reached 750 units.
Space rated 4 and 5 stars dominate the submarket, accounting for 2,238 units. Additionally, there are 1,895 units of 3-star space and 605 units of 1 and 2-star space.
Currently, average rent prices hover around $1,530 per month, reflecting a 1.3% decrease compared to the previous year. Despite this decline, rents remain 14.6% higher than they were three years ago.
Looking ahead, there are approximately 640 units under construction, indicating a 13.5% expansion of the housing stock.
It’s also worth noting that more than half of the existing inventory in the submarket was built within the last decade.
In terms of sales activity, there have been three transactions in the past year and ten sales over the past three years, totaling approximately $277 million.
Bartow County Multifamily Sales
In Bartow County, the local real estate market has witnessed a relatively steady number of apartment sales over the past year, with a total of three deals transacted. This figure is consistent with the typical yearly trend observed in the area.
Looking at a broader time frame, the annual sales volume in Bartow County has demonstrated a steady average of $50.7 million over the past five years. Notably, during this period, the peak 12-month investment volume reached a substantial figure of $146 million, indicating significant investor interest at that time.
Focusing on the most recent 12 months, the total value of apartment assets sold in Bartow County reached $89.4 million, demonstrating a healthy level of market activity and investment. This figure signifies the ongoing demand for residential properties in the area.
The market price in Bartow County, which is influenced by the overall price movements of all apartment properties and supported by actual transactions, has been assessed at $179,468 per unit. However, it is noteworthy that this price has experienced a year-over-year decline, indicating a potential softening in the market. Additionally, when compared to the broader Atlanta metro area, the average price of apartments in Bartow County falls below the average level.
Furthermore, the market cap rate in Bartow County has exhibited a slight increase over the past 12 months, currently settling at 5.5%. This rate is comparable to the average cap rate observed in the Atlanta metro area, suggesting that the market conditions in Bartow County are in line with the broader region. It is also worth noting that the current cap rate is higher than the five-year average for the submarket, signaling a potential adjustment in market dynamics.
In conclusion, while Bartow County has maintained a steady performance in terms of apartment sales and investment volume, the market price has experienced a year-over-year decline and remains below the average level compared to the Atlanta metro. The slight increase in the market cap rate indicates a potential shift in market conditions, which should be closely monitored by investors and market participants.
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Full January 2023 Bartow County Multifamily Market Report