The U.S. multifamily posted a historic showing in the second quarter of 2022. Among nation’s top markets for rent growth, the Sunbelt markets continued to shine.

All else equal, small multifamily remains resilient heading into 2022’s warm weather months. Here’s a look at the latest small multifamily investment benchmarks.

The U.S. multifamily market followed last year’s record-setting performance with another strong showing. Rent growth remained strong, and the historically-low vacancy rate continued to tighten. Record-breaking sales activity continued through the first three months of 2022, and cap rates remained at historic lows.

Continuing on last year’s record-setting pace, the U.S. multifamily market posted another strong showing in the first quarter of 2022. Rent growth remained strong, climbing 15.6% year-over-year, higher than the 12.7% increase for all of 2021. As has been the case over the last two years, Sunbelt markets stood out among the nation’s top performers.

Demand stability and growing liquidity for small multifamily assets are broadly supportive of the sector heading into 2022. Here’s a look at Q4 2021 small multifamily investment benchmarks.

Multifamily rent growth for the U.S. overall was up 12.5% during 2021, the largest annual gain since REIS began tracking data in 1980. As was the case throughout the year, Florida markets were found up and down the list of top rent growth markets.