Multifamily Minute Reader Reflections: Where We're Buying in 2024
Find out where our 45,000ish subscribers are looking to invest this year, and why the list looks a bit different from previous years.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Multifamily may be going through some challenging times overall, but there's a big difference between markets.
Many are experiencing record levels of construction, high vacancy, and falling rents.
Many are still seeing rents increase — even by a lot — and are ripe for investment.
With this in mind, last week I asked you to tell me what specific market looks the most appealing to you.
Survey Results
I received a lot of feedback from this survey — honestly too many individual markets, large and small, to name.
Instead, I'll give a breakdown of the top five states based on the markets you responded with.
- Florida
- Indiana
- Missouri
- North Carolina
- Texas
Now, obviously many of these states — all of them, really — have a wide range of markets that may be doing very, very different things. For example, Jacksonville's sluggishness right now can't tell you much about the staying power of South Florida's multifamily sector.
At the market level, two kept cropping up as I went through the results: Indianapolis and Kansas City. There were other Midwestern markets submitted, too, but they weren't anywhere near as prolific.
The Midwest has been more and more frequently pointed to as the place to invest in the past year, especially as many Sunbelt markets contend with overbuilding and exploding vacancies.
I, myself, have been carefully looking at Indy in particular for the past few months. The metrics look good, demand is strong, and there's a shockingly low amount of supply under construction.
Kansas City isn't quite the same — especially given the scope of ongoing development activity — but its fundamentals remain strong, with occupancy well above the national figure.
One other note from the results: A lot of you are investing in smaller, what I'd call "tertiary," markets. There's so much opportunity in many of these cities, and I feel I haven't done enough to highlight them. Look forward to more frequent smaller-market analysis here on the blog!
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Last week, I talked about burnout. Not mine — I'm doing fine, I swear — but as an emerging phenomenon across the multifamily industry. Learn what you can do to reduce burnout, whether we're talking about you or any on-site employees you may have.