JeffCroweCRE

FMLS Residential Income

Georgia Small & Mid Multifamily Market Report

The free, regularly updated source for live inventory, months of supply, median price-per-door, rents, and 12-month closed sales across Metro Atlanta and North Georgia. Built for journalists, analysts, and investors who need the small-to-mid multifamily layer that institutional reports skip.

Copyright 2026 JeffCroweCRE · Data sourced from FMLS · Copyright 2026 First MLS · Report run Oct 2, 2026, 8:32 AM EDT

Figures are continuously refined. Residential Income listings in the MLS are not always consistently coded; we apply ongoing filters and data-quality rules so the statistics reflect true small and mid multifamily inventory as accurately as possible.

Current SnapshotOctober 2026
Full FMLS
Live buildings228
Pipeline MOS8.5
Median $/door$192,500
Sold NOI cap5.86%
Gross yield8.92%
Median DOM23
12-mo closed321
Median rent$1,450

Sold NOI cap is estimated net income ÷ close price using the same calculator defaults as the listing pages. Gross yield is rent ÷ list price with no expenses. Asking cap is on the Overview tab. Neither number is what a thin county actually trades at.

Georgia small-to-mid multifamily (FMLS Residential Income) shows 228 active listings and 8.5 months of supply as of October 2026, indicating a soft buyer’s market in which buyers generally have leverage. Over the trailing 12 months, 321 properties closed totaling about $141 million. Fulton leads with 80 active listings; the top three counties account for 59% of active inventory. Conditions vary by county: Gwinnett is relatively tight at 4.9 months of supply, while Fulton is softer at 10.4. Duplex product leads the mix (156 duplexes of 228 active). Median list price per door is $192,500 (median list $445,000). Rolling 12-month closed properties show a meaningful 13% discount to current median list $/door. Median asking rent on unit-type records is $1,450. By bedroom: 1BR $1,250; 2BR $1,450; 3BR $2,000. Median days on market is 22 on active listings and 23 on the trailing closed set.

Full FMLS

Market-Wide · All Counties

Every active and closed Residential Income listing in the FMLS dataset that meets the report filters. Use this for broad market context; Core Metro below is the primary investor lens.

Active + Pending Properties228226 with valid price
Median List Price$445,000Avg $532,206
Median $/Door$192,500Avg $206,586
Median DOM23Avg 60.0 days
Sold (12 Months)321320 with valid price
Median Close Price$386,500Avg $441,480
Median Close $/Door$168,250Avg $179,840
Months of Supply8.5Active + Pending ÷ (T12 closed ÷ 12)
Ask NOI cap5.92%Est. NOI ÷ list · calculator defaults
Sold NOI cap5.86%Same stack on close price
Ask gross yield8.92%Rent ÷ price · no expenses
Read them apartNot the sameCap includes vacancy, tax, insurance, management, repairs
Median Rent$1,450379 unit-type samples · Avg $1,470
Median 1BR$1,250
Median 2BR$1,450
Median 3BR$2,000

Unit Mix · Full FMLS

587 total doors · 228 classified
Duplex156
Triplex29
Fourplex40
5+ Units3
Core Metro

Investor View · 13 Liquid Counties

Core Metro = Fulton, DeKalb, Cobb, Gwinnett, Clayton, Cherokee, Forsyth, Henry, Douglas, Fayette, Rockdale, Paulding, and Coweta. These are the highest-volume counties and the primary lens for most investors. Full FMLS numbers appear above and in the strip at the top of the page.

Active + Pending Properties169168 with valid price
Median List Price$486,760Avg $560,157
Median $/Door$209,165Avg $228,542
Median DOM19Avg 48.6 days
Sold (12 Months)240240 with valid price
Median Close Price$432,569Avg —
Median Close $/Door$189,667Avg —
Months of Supply8.5Active + Pending ÷ (T12 closed ÷ 12)
Median Rent$1,531265 unit-type samples · Avg $1,576
Median 1BR$1,397
Median 2BR$1,502
Median 3BR$1,991

Unit Mix · Core Metro

417 total doors · 169 classified
Duplex119
Triplex22
Fourplex27
5+ Units1
Cite this reportOne-click copy · Core Metro figures

  • Core Metro inventory sits at 8.5 months of supply as of October 2026, indicating a soft buyer’s market.

  • Fulton leads with 80 active + pending properties. Top three Core Metro counties account for 80% of Core Metro inventory.

  • Median list price per door (Core Metro): $209,165 (October 2026).

  • Median asking rent (Core Metro): $1,531.

  • Trailing 12-month closed volume: 240 Residential Income sales in Core Metro.

How these numbers are built

Ruleset v1.2 · September 2026

This page measures small and mid multifamily investment inventory in Georgia as it shows up in First MLS (FMLS) under Residential Income. Live figures are Active and Pending listings that pass the screens below. Sold figures use the last 12 months of closed sales. Treat every number as a screening indicator — not a census of Georgia apartments, and not a substitute for a rent roll or an appraisal.

Residential Income is an MLS category, not a clean multifamily list. Houses, single condo units, rooming houses, student padsplits, and mixed portfolios get coded into the same bucket. The work of this report is to keep the buildings that actually trade as 2- to 50-unit multifamily and leave the rest out of the published medians.

What one row means. Most statistics are one physical building, as represented by one listing: price per door, days on market, months of supply. A listing that is several separate buildings is treated as a portfolio and is held out of building-level price-per-door figures. Rent medians work differently (see Rent below).

What has to be true for a listing to count

  • At least two units after we rebuild the unit count.
  • Price at or above $50,000 for any price statistic.
  • Listings that read as a house, one condo, rooms-for-rent, or lodging are dropped.
  • Confirmed portfolio sales stay out of building-level medians.
  • Extreme rents are trimmed with the usual interquartile rule when a geography has at least eight rent observations.

Unit count starts with what the listing states. If that conflicts with the rest of the record, we rebuild from the bedroom schedule, then from subtype (duplex, triplex, fourplex). Listings that still cannot be shown as two or more units do not enter the headlines. High-unit listings with an unrealistically low price per door are treated as miscoded single units and excluded.

Those rules are versioned. Tables on this page are stampedv1.2. When the screens change, the version changes. Older months are not silently rewritten.

Rent

Medians come from the rents on each listing’s bedroom schedule — the 1-bedroom, 2-bedroom, and 3-bedroom figures the listing actually carries — not from a modeled asking rent. Each schedule line is one observation. A twenty-door building that reports one 2-bedroom rent contributes one 2-bedroom observation, not twenty. That keeps one large property from owning a city or ZIP.

Two geographies

  • Full FMLS Residential Income — every listing that clears the screens. Statewide context. The strip at the top of this page is this tape.
  • Core Metro (13 counties) — Fulton, DeKalb, Cobb, Gwinnett, Clayton, Cherokee, Forsyth, Henry, Douglas, Fayette, Rockdale, Paulding, and Coweta. This is the investor narrative. A 5.9% cap on Full FMLS is not what a building in Gordon County will trade at.

Each Core Metro county is its own market. Counties with enough volume outside the 13 still print on their own. The thinnest remainder is collapsed into “Other / Sparse.”

When a number is allowed to print

  • County median: at least two qualifying listings.
  • City median: at least one qualifying listing.
  • ZIP rent median: at least five surviving rent observations.
  • “Thin sample” on sold-side months of supply: fewer than 20 trailing-12-month sales for that unit size. A blank 2–4 unit months-of-supply cell means the sold side is thin — not that nothing is listed.

Pipeline months of supply

Months of supply = (Active + Pending buildings) ÷ (trailing-12-month closes ÷ 12). It is the live stack versus last year’s closing pace. It is not how long any one building will take to sell.

  • ≤ 4.0 — tight
  • 4.1–8.0 — balanced
  • > 8.0 — elevated / buyers have more leverage

Ask premium to sale

(Median live list price per door − median trailing-12 closed price per door) ÷ median trailing-12 closed price per door. A positive figure means current asks sit above recent closes. It is a market-level spread, not a measured concession on one contract. Use Core Metro first; thin counties jump around.

Gross yield vs estimated NOI cap

Two income figures appear on this report. They are not the same number, and most flyer “cap rates” are closer to the first one.

Gross yield = annual scheduled rent ÷ price. That is the sellable headline: what the rent roll throws versus what the building costs. No vacancy. No expenses. If a listing quotes “8% cap” with no expense stack behind it, it is usually this number wearing a cap-rate label.

Estimated NOI cap is the number this report calls cap. It is the same default stack as the Investment Calculator on each listing page:

  • Start with observed scheduled rent (bedroom schedule or MLS gross income). Modeled-only rent does not enter the printed median.
  • Take out 5% vacancy.
  • Take out property tax (the tax record, or 9% of scheduled rent if the record is missing).
  • Take out insurance at $800 per unit per year.
  • Take out management at 10% of effective gross income on buildings under 8 units, 8% on 8 units and up.
  • Take out repairs and maintenance at $800 per unit per year.
  • What is left is estimated NOI. Cap = estimated NOI ÷ price.

Live asking cap uses list price. Sold cap uses close price. Water, trash, and electric stay off the tape median so county-to-county figures stay comparable; those lines still exist on the listing calculator when the remarks say the owner pays them.

This stack is conservative on purpose. A lot of marketed “cap rates” skip management, skip a real repair budget, and skip vacancy. That makes a 7-door building in a soft county look like a 7% deal when the calculator — and any lender who underwrites it — will print something closer to 5%.

How to use it. Compare buildings with the same ruler. Do not take the Full FMLS median of 5.9% and assume a Gordon County fourplex clears there. Do not take gross yield and call it cap in a quote. When both print, the gap between them (often two to three points) is vacancy plus the expense stack above. Thin samples stay out of the printed cap: a building only joins the median when we actually have a rent schedule or an MLS income field.

Expired / rejected tape

The Failures tab counts Residential Income listings that expired in the trailing twelve months and did not come back as Active, Pending, or Closed. Identity is the parcel when present, otherwise a normalized street address. Compare ask dollars-per-door and asking NOI cap to the sold tape in the same county. Use Core Metro counties with at least ten expired buildings for that comparison.

What this page is not

It is not HUD Small Area FMR, not a housing-authority payment standard, and not Voucher Spread™. Those live onjeffcrowecre.com/voucher-spreadand use a separate rent tape. Do not mix the two.

Sold days on market is the median among closes that report a DOM. Headline statistics use medians, not averages, because this market is a mix of duplexes, fourplexes, and larger small apartments across thirteen counties.

Charts and quotable statistics on this page may be reused by journalists, analysts, and researchers with attribution and a link to jeffcrowecre.com/market-reports.

Based on information from FMLS for the period shown. Copyright 2026 First MLS. Listing content is believed accurate but not guaranteed. Always verify with current rent rolls and professional underwriting.

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