After the volume of multifamily permits fell nationally in 2023 and 2024, this year is on pace to be a year of stabilization for multifamily development. According to the U.S. Census Bureau, out of the top 100 largest U.S. metros by population, 47 had more multifamily permits through the first six months of 2025 than they did over the same period last year. Driven by strong underlying multifamily demand, attractive investment opportunities are leading to rebounding construction pipelines. As multifamily permitting rises, we explore the markets where new permits issued are most concentrated and where construction activity is gaining momentum.

With interest rate pressure easing, quality multifamily investment opportunities have emerged from coast to coast, making identifying the optimal location essential. A roadmap for investors, Top Markets for Multifamily Investment Report 2024, developed in partnership with Chandan Economics, ranks the top 50 metropolitan markets found through an analysis of 10 key factors, including affordability, population growth, and climate risk.
Key Findings:
- Nashville is 2024’s top metropolitan market for multifamily investment due to its solid performance fundamentals, robust population growth, and rapidly growing technology, healthcare, and tourism sectors.
- Affordable Midwestern markets performed strongly in this year’s rankings, while many of the nation’s largest cities finished lower.
- Austin and Phoenix finished second and third, respectively — underscoring that structural strengths can outweigh short-term housing supply imbalances.