ATLANTA—Metro Atlanta’s Clayton County recently approved a sales tax that will bring MARTA public transit to the county. Residents will pay an extra penny for the privilege of having the rail come to a neighborhood near them.
The tax started this month. It lasts 30 years.
On a near-term, the plan restores bus service to Clayton County. It could be up to seven years, and probably at least five years, before MARTA trains start rolling into Clayton County.
Here’s the big question: How will this impact multifamily properties in Clayton? That’s what I asked Jake Reid, a senior director at Franklin Street. If you missed it, you can also read Reid’s thoughts on the X factor driving multifamily investment.
“We have witnessed several instances where the lack of public transit had a negative impact on apartment communities in Clayton County,” he told us. “The market is now beginning to rebound, spurred by fresh redevelopment surrounding the airport and overall metro Atlanta job growth.”
As he sees it, the return of MARTA should have a huge impact on rental demand in Clayton County because of its close proximity to Downtown Atlanta, Hartsfield-Jackson International Airport, and multiple employment centers. “As rental rates continue to increase in core urban locations,” he says, “demand will improve in affordable markets that have accessibility to major employment hubs.”