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I may be grabbing at straws but the lack of public transportation in that area could have contributed. So you have an area that attracts a high number of low income immigrants and then you have them living in an area where access to decent paying jobs is further complicated by the lack of transportation.
The reasons for the decline of Franklin Rd. apartments are the same reasons for the decline of apartments on Buford Highway, Roswell Rd. in Sandy Springs and numerous other areas throughout Metro Atlanta. They primarily have to do with supply and demand and the greater attraction for newer apartments over older ones.
The cycle which has taken place over the last 50 years in Atlanta is this:
1. An apartment complex is constructed and easily leases to primarily young professionals. Rents are high compared to the existing older complexes.
2. As time goes on, many of these single professionals experience life change - they may decide to buy a house because they are getting married, or got a raise at work and decide that owning a house would be better, or they take a new job in another part of town or out of state.
3. As these residents leave, the management has the challenge of getting new tenants. However, at the same time, new apartments have been constructed which offer better features and greater amenities. For example, many of the 1960 and 1970 era apartments have two bedroom plans with only one master bathroom. Facing these challenges, the leasing office is forced to lower the rent to get new tenants.
4. The few remaining original tenants begin to feel uncomfortable as a lower income population moves into the complex and many choose not to renew their lease.
5. The local and national economy go through a recession which provides further challenges to leasing, again preventing an increase in rent to match inflation and even a reduction in rents.
6. With a lower revenue stream due to lower rents, the management of the complex chooses to defer some maintenance or keep up the grounds like they used to.
7. At this point, the apartment complex is no longer physically attractive and the nature of its tenants has changed with a larger portion being more transient. For example, the management may offer incentives of "one month free rent with a six month lease."
This cycle has occurred over and over again though out Metro Atlanta and has led to many neighborhoods of homeowners having opposition to any new apartment construction (for example the City of Smyrna has had a moratorium on new apartment construction for 10 years- it was recently lifted for some mixed use developments.) The reason the homeowners oppose apartments is because the kids from the apartments (who are often in the schools for only part of a school year) bring the test scores down.
The biggest examples of apartments which used to be the "Melrose Place" of Atlanta are the Riverbend complex on the Chattahoochee River (which in the 1970's was party central as many of the Atlanta Falcons were residents and the stories of the parties there are legendary) and all of the complexes along Roswell Rd. in Sandy Springs.
Even in Buckhead, the Peachtree Hills had many older run down complexes in the early 2000's which have since been redeveloped much like the neighboring complexes near Lindberg Plaza.
Given the laws of supply and demand which I have discussed, it is hard to see how this pattern will stop with the exception of some prized locations (like Buckhead) and a reduction in supply of new apartments.
The Franklin Rd. corridor started going down in the late 1980's as newer complexes were being built (often by Post Properties) which were too much competition for those older complexes.
I certainly have mixed feelings about this. I don't like the idea of displacing people who have done nothing wrong, but it's not like they're being thrown out the day the city closes on the complex. They're able to stay until their lease is up. And there are many, many affordable housing options all over the place in this area: Delk Road, South Marietta Parkway, Roswell Road (GA 120) and Cobb Parkway all have abundant affordable housing, and there's plenty relatively near the Square as well.
Unfortunately, the Franklin Road corridor has been a problem area for a very long time now, and this may be the best way to alleviate it. Many of these complexes are very run down, and yes, they're high density, but not in a good sense, as they're not connected to each other, with typically only one entrance to each complex, with very little in the way of desirable walkable - or even short driveable - amenities or employment opportunities. This is hardly a recipe for success : effectively nothing but low income properties with no walkability or amenities along a long, relatively narrow stretch that lacks connectivity. Affordable housing is an admirable aspiration, but in this form it is really far from ideal for both the residents and the city. Small pockets of highly affordable housing mixed in with middle and higher priced stuff is far more desirable.
David1502 is spot on in his analysis, and is certainly correct that this phenomenon is not unique to Marietta.
Is it just me or do the responses to this thread all seem to be more measured, well-thought, and less reactionary than the piece OP linked to? Even so, still not sure the questions have been sufficiently answered to OP's satisfaction, so...
Why did Franklin Road go in a downward spiral so fast?
cuz
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Originally Posted by David1502
The reasons for the decline of Franklin Rd. apartments are the same reasons for the decline of apartments on Buford Highway, Roswell Rd. in Sandy Springs and numerous other areas throughout Metro Atlanta. They primarily have to do with supply and demand and the greater attraction for newer apartments over older ones.
The cycle which has taken place over the last 50 years in Atlanta is this:
1. An apartment complex is constructed and easily leases to primarily young professionals. Rents are high compared to the existing older complexes.
2. As time goes on, many of these single professionals experience life change - they may decide to buy a house because they are getting married, or got a raise at work and decide that owning a house would be better, or they take a new job in another part of town or out of state.
3. As these residents leave, the management has the challenge of getting new tenants. However, at the same time, new apartments have been constructed which offer better features and greater amenities. For example, many of the 1960 and 1970 era apartments have two bedroom plans with only one master bathroom. Facing these challenges, the leasing office is forced to lower the rent to get new tenants.
4. The few remaining original tenants begin to feel uncomfortable as a lower income population moves into the complex and many choose not to renew their lease.
5. The local and national economy go through a recession which provides further challenges to leasing, again preventing an increase in rent to match inflation and even a reduction in rents.
6. With a lower revenue stream due to lower rents, the management of the complex chooses to defer some maintenance or keep up the grounds like they used to.
7. At this point, the apartment complex is no longer physically attractive and the nature of its tenants has changed with a larger portion being more transient. For example, the management may offer incentives of "one month free rent with a six month lease."
This cycle has occurred over and over again though out Metro Atlanta and has led to many neighborhoods of homeowners having opposition to any new apartment construction (for example the City of Smyrna has had a moratorium on new apartment construction for 10 years- it was recently lifted for some mixed use developments.) The reason the homeowners oppose apartments is because the kids from the apartments (who are often in the schools for only part of a school year) bring the test scores down.
The biggest examples of apartments which used to be the "Melrose Place" of Atlanta are the Riverbend complex on the Chattahoochee River (which in the 1970's was party central as many of the Atlanta Falcons were residents and the stories of the parties there are legendary) and all of the complexes along Roswell Rd. in Sandy Springs.
Even in Buckhead, the Peachtree Hills had many older run down complexes in the early 2000's which have since been redeveloped much like the neighboring complexes near Lindberg Plaza.
Given the laws of supply and demand which I have discussed, it is hard to see how this pattern will stop with the exception of some prized locations (like Buckhead) and a reduction in supply of new apartments.
The Franklin Rd. corridor started going down in the late 1980's as newer complexes were being built (often by Post Properties) which were too much competition for those older complexes.
Is it just me or do the responses to this thread all seem to be more measured, well-thought, and less reactionary than the piece OP linked to? Even so, still not sure the questions have been sufficiently answered to OP's satisfaction, so...
Why did Franklin Road go in a downward spiral so fast?
cuz
Will the $68M bond project work?
idk
Agree with this. Citylab often has well-thought-out articles and columns, but this wasn't one of them.
Were those apartments EVER nice? Looks like they were constructed as slums!
But seriously, I think that apartment owners deserve some of the blame here. They often seem willing to let apartments go downhill so long as they are still making money somehow.
I've seen this happen first hand. Apartments just let everything go to crap instead of updating.
When I lived in Post Gardens in Buckhead, I thought it was a beautiful property. But the finishes inside were pretty basic with laminate countertops and white appliances that fit perfectly well. However, when the fancy high rise condos started going up in the mid 2000s, the complex knew it had to keep up. By the time I left in 2009, every apartment got new stainless steel appliances and granite countertops when it turned over. Ground floor apartments got hardwood floors. I'm sure this wasn't cheap, but management knew this is what was required to stay relevant.
Contrast that to many apartment complexes that will try to steam clean wine stains and dried candle wax out of carpets rather than just replacing them and will hold appliances together with twist ties and duct tape before buying new ones.
I don't discount the economic forces mentioned in this thread, but I think apartment owners themselves deserve a lot of the blame here for allowing their properties to slip so far downhill. You don't live in a house for 50 years without ever updating it, so why should an apartment?
Multifamily unit owners should count on having to complete major renovations every 15-20 years just to stay relevant.
Were those apartments EVER nice? Looks like they were constructed as slums!
But seriously, I think that apartment owners deserve some of the blame here. They often seem willing to let apartments go downhill so long as they are still making money somehow.
I can remember when Buford Highway apartments (as well as those on Franklin road) were full of middle class young people. Sort of the equivalent of today's Millennials.
I don't think the landlords have much incentive to update or maintain these properties. The original developers probably depreciated them out and took the profit years ago.
The new buyers tend to hold them for the long run. As long as they are rented -- and there is pretty much unending demand -- why bother? You've got great cash flow for the time being, and someday you can sell the property for development.
Gentrification in Atlanta paired with poor management by the owners/managers of the apartments (across all/most properties, no single property to blame) was the cause
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