Atlanta Is No. 2 For New Luxury Apartments

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Metro Atlanta delivered one of the highest numbers of luxury apartments in the nation, according to a new survey by RentCafe.

From 2012 to 2015, Atlanta saw an 867 percent increase in luxury apartment construction, delivering 29 high-end apartment buildings to the market in 2015.

Atlanta was second only to Charlotte, NC, which saw a 950 percent increase over that same period.

RENTCafé is a nationwide apartment search website designed to allow renters to find apartments and houses for rent throughout the U.S.

Nationwide, 75 percent of all large multi-family rental developments completed last year were high-end rentals.

The organization says an unusually high number of upscale rental developments are being built at an unprecedented pace. The movement has spread beyond longtime markets such as Miami and San Francisco and into newer markets like Kansas City, MO and Milwaukee, WI.

A closer look at the data reveals shows that in 2015, 75 percent of all large multi-family rental developments completed were high-end. The ratio of high-end to total apartments completed increased by a staggering 63 percent from 2012.

Early 2016 data suggests that the luxury apartment market sees no sign of slowdown, with 79 percent as luxury.