Markerr uses machine-learning to accumulate data on real estate markets, and they released their forecast for the markets with the strongest Compound Annual Growth Rate for multifamily rents through 2028:

1. Knoxville, TN – 4.4%
2. Portland, ME – 4.3%
3. Greenville, SC – 4.3%
4. Syracuse, NY – 4.2%
5. Palm Bay, FL – 4.0%
6. Winston-Salem, NC – 3.8%
7. Allentown, PA – 3.7%
8. Greensboro, NC – 3.7%
9. Albany, NY – 3.7%
10. Wichita, KA – 3.6%

Markerr analyzed several metrics including population, education, growth of tech workers, and salaried workers in 2011 and compared it to today to try and find where the “next” Austin, TX will be. Raleigh, NC lead the country as the top candidate:

1. Raleigh, NC
2. Provo, UT
3. Madison, WI
4. Kansas City, KS
5. Colorado Spring, CO

This week Neal Bawa of Grocapitus, a multifamily data analyst, also named Raleigh, NC as his number 1 multifamily market to invest in 2024 based on the outlook over the next 5 to 7 years.

Source: Markerr and Multifamily University

Source: Real Page

Source: Real Page

Source: RentCafe

From Multi-Housing News, four markets in the Carolinas made the top 10:

#2: Greenville, NC

#4: Wilmington, NC

#6 Augusta, SC

#8: Winston-Salem & Greensboro, NC

Source: Multi-Housing News

Distress includes any loan with a payment status of 30+ days, any loan actively with the special servicer, and includes non-performing and performing loans that have failed to pay off at maturity.

Source: CRED iQ

Charlotte is in the top 20 as well, with close to a third of workers staying home:

Other North Carolina cities making the list include Raleigh (#48), Durham (#64), Wilmington (#104), Winston-Salem (#150) and Greensboro (#172).

Source: CoStar

It’s fallen back in line with the 10 previous years (2004 – 2014), which averaged 93.4%.

Source: Real Page

Permits (+1.4%) and starts (+7.5%) were both up month-over-month, however, both were down from where they were a year ago (permits -26.6% and starts -9.5%).

Source: Real Page