Tenant retention is a valuable — though sometimes elusive — contributing factor to the strength of a multifamily property. Nationally, 29% of multifamily households signed a third lease for the same unit, according to an analysis of the U.S. Census Bureau’s American Community Survey. Locally, renter turnover was lowest in major coastal markets, like New York City, and highest in transient renter markets, like Charleston, SC.

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.