Atlanta Ranks in Top 5 Cities for Most Affordable Apartments

Posted: January 27, 2026 | Categories: News

Record Year for Affordable Housing Construction

In the past five years, the U.S. built nearly 310,000 new affordable apartments, according to sister company Yardi Matrix* — an unprecedented surge, with nearly one-third of that total delivered in 2024. Affordable housing construction rose 73% compared to the previous five-year period (2015–2019), far outpacing the 36% growth in overall apartment construction.

To better understand where this growth is happening, we analyzed affordable housing construction over the last 10 years. While large coastal markets like Seattle and New York saw major output, fast-growing locations like Austin and San Antonio — where completed apartments more than doubled — also emerged as key contributors to the country’s affordable housing pipeline.

*Data extracted in early 2025.

Key takeaways:

• Nearly 310,000 affordable apartments have been built nationwide since 2020, accounting for 12.6% of all new apartment buildings.
• 2024 alone delivered 91,000 affordable units — nearly a third of the five-year total.
• Affordable housing construction rose 73% compared to 2015–2019, outpacing overall apartment building growth.
• San Antonio, Phoenix, and Charlotte recorded the fastest growth in affordable housing for renters among major U.S. metros.

More than 91,000 affordable apartments were completed in 2024 alone — the highest annual total in the past decade. That figure stands out not only for its scale, but also for how sharply it departs from previous years. The surge made 2024 the single largest yearly contribution to affordable housing construction in ten years, setting it apart as a defining moment in the recent building cycle.

Affordable housing in this context refers to apartment buildings where all units are income-restricted. That means rents are set so they stay affordable for households earning up to a certain percentage of the local Area Median Income (AMI), typically in exchange for public subsidies or tax credits. These developments are designed to serve lower- and middle-income renters and often remain affordable for decades.

Notably, affordable housing is starting to make up a larger portion of all new apartment construction. In 2024, nearly 14% of all new apartments were income-restricted — up from just under 9% ten years earlier — indicating a growing emphasis on affordability in new development.

The American Rescue Plan has helped move things forward by directing billions of dollars into housing through State and Local Fiscal Recovery Funds. On top of that, many states introduced or expanded their own tax credit programs. These efforts helped developers cover rising costs and move projects across the finish line faster while simultaneously keeping rents affordable for the long term.

Between the two five-year periods (spanning 2015 to 2019 and 2020 to 2024), the U.S. saw a dramatic increase in the completion of affordable apartments: The number of apartments for lower-income renters delivered nationwide surged by 73%, rising from approximately 179,000 in the first half of the 10-year period to nearly 310,000 in the latter.

The nationwide growth in affordable housing construction between 2020 and 2024 was driven in large part by expanded public funding and policy support. At the federal level, the Low-Income Housing Tax Credit (LIHTC) continues to play a central role in getting projects built. Additionally, a key update —in the form of income averaging — gave developers more flexibility by allowing a wider range of income levels across units, while still meeting affordability requirements.

5. Atlanta

• New affordable apartments (last 5 years): 10,486
• Share of new affordable apartments: 11.10%
• Five-year increase: 153.35%

Atlanta completed nearly 10,500 affordable apartments in the last five years. Although that’s a remarkable 153% increase compared to the previous five years, these affordable units comprised just 11% of all new housing completed locally during that timeframe.

Among the area’s major developments in affordable housing for renters is the Reserve at Douglasville, which brought 286 apartments for lower-income renters to 7755 Dallas Highway 92. Set in a growing suburb west of Atlanta, the property introduces affordable apartments to an area where new housing has often skewed toward higher price points.

Author: Florin Petrut; RentCafe.com