By Guest Columnist KATHLEEN FARRELL, head of commercial real estate at SunTrust Banks, Inc.
Over the last decade, as millennials entered the workforce and delayed or indefinitely avoided buying a home, apartment complexes sprang up across Atlanta – as they did in many U.S. cities – to meet the growing demand for rental housing. Many of these new developments were built as luxury living experiences in order to command higher rents and meet the expectations of a younger clientele. The result was a robust supply of high-end units that have been absorbed by Atlanta’s strong job market, but a dearth of affordable, workforce housing.
