These seven markets have several tailwinds aiding their record demand performances. For one thing, they’re all experiencing favorable demographics to support housing demand. Populations in these seven markets have all grown at rates at least double (and in some cases, triple) the national norm since 2017, according to the U.S. Census Bureau.
Raleigh, Nashville and Jacksonville have all grown total populations over 10% in the five-year period ending in 2022, which is the latest Census data available. Nationwide, population growth during that time was 3.1%.
Job growth tends to run higher and unemployment tends to run lower than national averages in these markets, further supporting housing demand.
Here’s a look at just the third quarter:
Source: RealPage
Multifamily Market News 