Top U.S. Multifamily Rent Growth Markets — Q1 2022

The U.S. multifamily market followed last year’s record-setting performance with another strong showing in the first quarter of 2022. As has been the case over the last two years, Sunbelt markets stood out among the nation’s top performers.

The two primary Arizona markets remained among the leaders. Multifamily rent growth in Phoenix was tops in the nation for the quarter, increasing 27.2% year-over-year, while Tucson finished sixth with a 25.1% rise. These cities are among the nation’s fastest growing and continued to benefit from renters seeking more affordable options outside of the pricier Southern California markets.

Florida markets were also found up and down the list of top rent growth markets. Jacksonville finished number two overall, rising 27.1%. The city is one of the fastest growing in the U.S., driven by a revitalization of the downtown area and a walkable urban center. Other Florida markets making the list were Orlando (26.9%), Palm Beach (25.7%), Tampa-St. Petersburg (25.2%), and Fort Lauderdale (23.3%).

Here’s a full look at the top U.S. multifamily rent growth markets for Q1 2022, with data provided by Moody’s Analytics CRE.

For more multifamily market insights, read our latest Small Multifamily Investment Report and check out our other multifamily research.