Atlanta ZIP code 30309 made RentCafe’s list of the top 50 ZIP codes featuring the highest shares of newly completed apartments in the country, joining ZIP codes based in Florida, New York and California.
The postal code, which comprises many Midtown neighborhoods and a portion of Piedmont Park, placed seventh in the ranking based on the number of apartment completions recorded between the years 2018 and 2022.
According to data from Yardi Matrix, 30309 saw 5,397 apartments finished during the four-year time frame, bringing the total number of apartments in the area to 13,691. This growth signifies a positive change of 65.1% since 2017.
Atlanta’s 30309 falls behind ZIP codes within fellow southern metros Nashville and Dallas to assume the seventh-place position, each of which saw increases of about 6,800 and 5,900 apartment units, respectively.
The two ZIP codes seeing the highest increase in new apartments nationwide are both located in Washington, D.C.
This surplus in rental units isn’t limited to a few select cities. America’s rental market gained approximately 1.2 million new apartment units over the four-year time span. The 50 ZIP codes with the highest apartment completion rates are scattered across the Northeast, Southeast and West.
The study states that this national boom in rental construction appeals mostly to younger workers with high wages looking to move to urban cores rather than suburban communities. The significant surge in available apartments allows renters more flexibility when choosing a place to live, which cuts down on rental competition and increases the likelihood of renters ending up with a unit and amenities they enjoy.
Within Atlanta alone, postal codes 30318 and 30312 round up the metro area’s top-three zip codes for apartment completions, which comprise much of the city’s westside and sections of popular neighborhoods Old Fourth Ward, Sweet Auburn and Grant Park. These ZIP codes also ranked 28th and 36th nationally. Postal codes in Duluth and Suwanee also make RentCafe’s Atlanta list, placing eighth and ninth in the localized ranking.