With so many property owners reaping the rewards of their multifamily property investments, it's understandable why more are eager to enter the multifamily investment space. Because 'location, location, location' still rules when it comes to making real estate investment decisions, we put together a list of the top multifamily markets to invest in for 2023. Of course, core assets and locations such as Los Angeles, New York, and Miami are always good areas, there are others to consider as well such as:
Median rent for multifamily in Huntsville is $1,151 and the average apartment size is 941 sq. ft.
Huntsville is home to a diverse range of industries, including defense, bioscience, aerospace, advanced manufacturing, and information technology. The city is considered one of the best places to invest in multifamily property because of its strong rent growth, cash flow, and appreciation. The city is ranked as one of the top places for buying long-term rental properties and one of the best places to live, work, and play. The presence of major employers is what drives the city's booming job market, which has led to population growth and an expanding multifamily market.
Median rent for multifamily in Knoxville is $1,590 and the average apartment size is 984 sq. ft.
What makes Knoxville a hot market is its proximity to Nashville. Experts predict that rentals will receive an influx in demand due to more people being forced to rent due to rising home affordability and limited inventory. Knoxville has a strong job market and a diverse range of industries. The city is also known for its relatively low cost of living.
White Plains, New York
Median rent for multifamily in White Plains is $3,125 and the average apartment size is 846 sq. ft.
With its major companies and professional institutions, White Plains has a strong job market. Some employers worth mentioning include Verizon, Universal American, IBM, White Plains Hospital, NewYork-Presbyterian Hospital, and Montefiore Medical Center. The demand for multifamily remains strong as the city's population growth for the most recent 10-year cycle is 3.86% - higher than the average for the entire state.
Raleigh, North Carolina
Median rent for multifamily in Raleigh is $1,630 and the average apartment size is 957 sq. ft.
Raleigh ranked as one of the most in-demand real estate markets among investors in 2023. The population of Raleigh has ballooned in recent years due to its robust economy and the booming job market. The Bureau of Labor Statistics has also reported that the unemployment rate in the city is at a historic low. Annually, the population has increased by 2.3%. Employment has grown by 2.6% yearly.
Median rent for multifamily in Reno is $1,610 and the average apartment size is 861 sq. ft.
Reno ranks as one of the fastest-growing markets in the US with the greatest economic growth. Known as the Biggest Little City, Reno has seen consistent real estate appreciation over the last several years. Investors find the tax and business laws favorable, making it a popular place for new businesses. There's also a housing shortage in Reno which explains the increase in demand.
Median rent for multifamily in Tulsa is $904 and the average apartment size is 822 sq. ft.
Tulsa's economic climate, colleges and universities, diverse industries, and strategic location contribute to the demand for rental properties and its success in the multifamily market. Tulsa shows strong population growth and job growth due to the presence of many companies in sectors like technology and energy.