“Prior to redIQ, loading information into our model could have taken up to two hours. Now it takes less than five minutes, which allows us to return RFPs and BOVs more quickly and confidently.” —Paul Harris Managing Partner, Moran & Company
redIQ W hether onscreen as Haw- kins, Indiana in Stranger Things , or as itself in The Walk- ing Dead or Baby Driver , Atlanta has shown up everywhere in the last few years. The city boasts tax incentives that have turned it into a southern Hollywood, and some- thing of a boomtown, with 90,000 new residents moving to the city between 2016 and 2017. This newfound affection from film producers continues to bolster Atlanta’s economy, already strong thanks to the headquarters of major companies, including Co- ca-Cola, Delta, and Home Depot. A variety of factors, most notably the ongoing trade war with China, had many fearing a slowdown for Atlan- ta, but the city has proved resilient. Despite that resiliency investors still share some concerns. Skilled workers are in short supply, stymy- ing growth for companies looking to expand. This in turn could cause the end of the recent population boom. Economists do predict job growth
in the metro area will continue this year and in 2020, but at a slower pace than the first half of 2019 and all of last year. This more modest growth, coupled with a number of large, well-marketed multifamily developments coming online in the next few months, could mean slightly depressed rents as supply begins to outpace demand. Atlanta has one advantage over places like New York City, Chicago, Oregon, and California, all of which are facing acute housing shortag- es: housing remains affordable. Thus, Atlanta does not face con- stant calls for rent control and stricter regulations for multifamily owners and developers. Activists have pushed new bills in New York, California, and Oregon, and inves- tors in Chicago remain braced for what might come. The legislative pipeline in Georgia, and in Atlanta proper, remains empty, and despite the predicted slowdown, the econ- omy’s strength means the city will likely weather or even excel during
a recession. These two factors mean that multifamily investors in the city will have more options— and more security—than those in municipalities with legislative headwinds should a strong reces- sion occur in the next few years. More than any time in recent memory, we live in unpredictable times. Legislative policy can change at any level of government, at any time, that will impact investors. For Atlantans, it’s not enough to focus on the what goes on at 206 Washington Street. Investors should keep an eye on major cities in neighboring states, such as Charleston, and Jacksonville or Tallahassee, as regulatory chang- es there could be a harbinger for things to come in The Peach State. •
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