Athens Multifamily: Brian Elrod Responds to the Q1 2026 Data

We published our Athens Multifamily Market Report: Q1 2026 earlier this year — a breakdown of the CoStar numbers on pricing, rents, vacancy, and who’s buying. The data tells a clear story. But data only goes so far. We asked Brian Elrod, CCIM, to respond to what the numbers are showing — with what he’s actually hearing and seeing on the ground in Athens.

The report shows sales volume dropped significantly in 2025. What’s driving that locally?

“Interest rates are still elevated, and there’s a lack of properties being actively marketed for sale. It seems that most of the transactions occurring right now are happening off-market.”

This tracks with what the CoStar data shows — only two recorded transactions in the Athens market last year. But as we noted in the market report, Athens has a significant inventory of duplexes, quadplexes, and small complexes that trade quietly and off-market. Brian’s experience confirms that’s exactly what’s happening. If you’re relying on public data alone to understand your property’s value, you may be working from an incomplete picture.

What are multifamily owners telling you right now — holding, selling, or waiting?

“The general feeling I get from owners is that they’re waiting — maybe for rates to come down, thinking they’ll be able to get a higher value. I also think the drop in sales volume makes it hard for them to get a clear read on what their property is actually worth right now.”

This “wait and see” posture makes sense on the surface. The challenge is that waiting has its own costs — missed timing, deferred decisions, or selling into a more crowded market when everyone moves at once. The market report shows estimated pricing has remained stable and the long-term trajectory is upward. Understanding where you stand now gives you more options when the market shifts.

The report shows rents have grown nearly 19% over five years. Does that match what you’re seeing?

“Yes, that matches what I’m seeing. Several factors are contributing — the compounding effect of recent inflation and a lack of new supply coming to market.”

The supply constraint Brian is referring to is significant. As the market report details, only 179 units are currently under construction in Athens — well below the 10-year average pipeline of 600 units. For existing property owners, that limited new supply supports continued occupancy and rent levels. The rent growth story isn’t over; it’s normalizing.

When do you expect transaction volume to pick back up, and what drives it?

“The overall economy will have something to say about this — interest rates coming down, global conflicts easing. It’s hard to predict when all of those things line up, but the hope is that by the end of 2026 or early 2027, we start seeing more transaction activity.”

That’s consistent with what most commercial real estate brokers across the country are watching. The Athens fundamentals — stable employment, UGA demand, below-national-average pricing — remain sound. Owners who understand their position ahead of a market uptick are better placed to act decisively when the window opens.

“There are many factors to consider when deciding whether to buy, hold, or sell any kind of property — and multifamily is no different. We would welcome the opportunity to help you assess your property and determine what the right decision is for you.” — Brian Elrod, CCIM

Want a Local Read on Your Property?

We work with multifamily owners throughout Clarke, Oconee, and surrounding counties. If you want to understand what your property is worth in today’s market — or just want to talk through your options — contact us. We’d welcome the conversation.

Brian Elrod, CCIM | c: 678.859.6110 | o: 706.553.1000 | brian@naielrod.com | www.naielrod.com