60 Emerging Real Estate Markets for Investors and Property Managers in 2022

Despite pandemic-driven evolution affecting every aspect of the real estate industry for the past two years, many things haven’t changed. This has fueled speculation about where people would choose to live as low-density communities’ popularity and remote work have increased.

Housing costs have continued to rise in popular cities. The prices are still high in core sectors like San Francisco and New York City and increasing in popular secondary areas like Austin, Seattle, and Denver.

Interest in suburban areas, single-family homes, and smaller cities has soared due to the ongoing housing affordability issue. More inhabitants hit milestones that prompt them to look for a home of their own, giving them access to more room at lower prices.

These changes, which started before the pandemic but have escalated over the past two years, are reflected in this year’s list of emerging real estate markets, causing markets at the bottom to rise due to relative affordability.

For instance, Portland, Providence, and Manchester, located just outside of Greater Boston, increased this year by an average of 38 positions. Riverside and San Diego increased this year by an average of 49 spots in California, while Sacramento stayed in the top 20 from 2020.

Smaller cities in the region, like Knoxville, Chattanooga, Tucson, Spokane, and San Antonio, have profited similarly to superstar markets like Nashville, Phoenix, Seattle, and Austin, which have become less affordable due to high demand.

Most growth continues to occur in the Sun Belt, where markets with rapid employment growth and housing development provide residents with an excellent quality of life at a lower cost. You can locate all except two markets in our top 10 Sun Belt cities, which comprise 68% of the cities.

Additionally, five states are the location of 43% of the markets on our list: Florida, Texas, California, North Carolina, and Tennessee.

Raw data is crucial to property agents and investors; we considered over 21,000 data points from the 285 metro regions we assessed. These market trends are on this list

We included more than 70 distinct metrics in these data points, covering population growth in the past and future, economic health and job growth, housing supply and affordability, and quality of life.

You’ll find data on rental occupancy, rent growth, cap rates, population growth, and employment growth for the 60 real estate sectors we’ve chosen as top options to assist you in assessing each market’s opportunity.

To help you understand the distinct combination of characteristics within each region, we’ve included a summary of the metrics for the top 30 markets that each scored highly on.

You will find a Methodology section listing the factors considered and the sources from which each data point was collected at the end of the article.

Emerging Real Estate Markets for Investors in Each Sector

Note: Only markets in our list are in these rankings.

Emerging Real Estate Markets with the Highest Multifamily Property Cap Rates in 2021

1. New Hampshire’s Manchester/Nashua – 9.4%

2. Maryland’s Baltimore/Columbia/Towson – 8.5%

3. Florida’s Deltona/Daytona Beach/Ormond Beach – 8.2%

4. Maine’s Portland – 8.1%

5. Ohio’s Cincinnati – 8.0%

Reference: Capitalization rate for multifamily sales transactions completed in Q3-2021 from the National Association of Realtors.

Emerging Real Estate Markets Where Rent Rose the Most in 2021

1. Florida’s Naples/Immokalee/Marco Island – 43.1%

2. Florida’s North Port/Sarasota/Bradenton – 36.9%

3. Florida’s Cape Coral/Fort Myers – 27.8%

4. Florida’s Tampa/St. Petersburg/Clearwater – 26.0%

5. Arizona’s Phoenix/Mesa/Scottsdale – 23.4%

Reference: National Association of Realtors, effective rent growth per unit over the previous year as of Q3-2021.

Emerging Real Estate Markets with the Highest Home Price Increases

1. Texas’ Austin/Round Rock – 33.5%

2. Florida’s Naples/Immokalee/Marco Island – 32.0%

3. Idaho’s Boise – 31.5%

4. Utah’s Salt Lake City – 26.2%

5. Arizona’s Phoenix/Mesa/Scottsdale – 25.8%

Reference: National Association of Realtors, single-family home price change over the previous year as of Q3-2021.

Emerging Real Estate Markets with the Fastest-Rising Condo Prices in 2021

1. Texas’ Austin/Round Rock – 31.9%

2. Tennessee’s Knoxville – 26.7%

3. Utah’s Salt Lake City – 26.2%

4. Florida’s North Port/Sarasota/Bradenton – 25.5%

5. Maine’s Portland – 24.8%

Reference: National Association of Realtors, the yearly change in Condo Prices as of Q3-2021.

The Real Estate Markets with the Lowest Rates of Vacant Rental Homes in 2021

1. New Hampshire’s Manchester/Nashua – 1.3%

2. California’s Fresno – 1.4%

3. California’s Riverside/San Bernardino/Ontario – 1.9%

4. California’s San Diego/Carlsbad – 2.4%

5. Rhode Island’s Providence/Warwick – 2.5%

Reference: National Association of Realtors, multifamily vacancy rates as of Q3-2021.

Emerging Real Estate Markets with the Fastest Population Growth During the Pandemic

1. Texas’ Austin/Round Rock – increased by 3.0% in 2020

2. Idaho’s Boise – 2.7%

3. Florida’s Cape Coral/Fort Myers – 2.4%

4. Arizona’s Phoenix/Mesa/Scottsdale – 2.1%

5. Alabama’s Huntsville – 2.1% 

Reference: National Association of Realtors, yearly population growth as of 2020.

2023’s Top 30 Emerging Real Estate Markets

#1: Idaho’s Boise – Top on the list of Emerging Real Estate Markets

Rental Market Statistics of Boise

• Rate of multifamily vacancy (Q3-’21): 3.8%
• Successful rent growth (Q3-’21, YoY): 15.9%
• The multifamily cap rate (Q3-’21): 5.5%
• Population growth of each year (2020, YoY): 2.7%
• Expected population growth of each year (’22-’26): 1.9%
• Expected employment growth of each year (’22-’26): 1.7%
• Position change from 2020 to 2022: 0

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Comparing Boise’ Real Estate Market to Other Metros

• #1: U.S. cities with the best management in 2021
• #2: Markets expected to experience the fastest population increase and household formation over the next five years
• #2: U.S. job markets with the highest ratings for 2021
• #5: The real estate markets with the best prospects in 2021
• #5: Markets with the highest anticipated job growth over the next five years
• #5: The best cities in 2021 to launch a business
• #7: American local economies with the highest ratings
• #8: The best places to live in the United States
• #9: Markets where asking rents rose in 2021
• #10: Markets that have experienced the fastest population growth over the past ten years

#2: Utah’s Salt Lake City

Rental Market Statistics of Salt Lake City

• Rate of multifamily vacancy (Q3-’21): 4.7%
• Successful rent growth (Q3-’21, YoY): 17.6%
• The multifamily cap rate: (Q3-’21): 4.2%
• Population growth of each year (2020, YoY): 0.8%
• Expected annual population growth (’22-’26): 1.3%
• Predicted annual employment growth (’22-’26): 1.5%
• Position change from 2020 to 2022: +25

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Comparing Salt Lake City’s Real Estate Market to Other Metros

• #1: Top-rated job markets in the U.S. in 2021
• #1: Markets whose population has more younger residents
• #1: Markets the highest community infrastructure investment
• #3: Markets with the most growth in condo prices in 2021
• #6: Real estate markets in 2021 that are in the best shape
• #7: Markets where the number of housing permits is equal to the number of households
• #8: Markets with the highest growth of home prices over the last three years
• #8: Markets expected to experience the fastest population increase and household formation over the next five years
• #8: 2021 markets with the lowest unemployment rates
• #9: Most sought-after real estate markets among investors for 2022
• #9: Markets with the most potential for development in 2022
• #10: The best local economies in the United States

#3: Texas’ Austin and Round Rock

Rental Market Statistics of Austin

• Rate of multifamily vacancy (Q3-’21): 5.7%
• Successful rent growth (Q3-’21, YoY): 22.0%
• The multifamily cap rate (Q3-’21): 3.9%
• Population growth of each year (2020, YoY): 3.0%
• Expected annual population growth (’22-’26): 2.0%
• Predicted annual employment growth (’22-’26): 2.4%
• Position change from 2020 to 2022: -1

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Comparing Austin’s Real Estate Market to Other Metros

• #1: Most sought-after real estate markets among investors for 2022
• #1: Real estate markets in the best shape in 2021
• #1: Markets expected to experience the fastest population increase and household formation over the next five years
• #1: Highest condo price growth in 2021
• #1: Top local economies in the U.S.
• #1: Markets with an increase in population over the last ten years
• #3: Markets with the most growth in employment predicted for the next five years
• #4: Metros with the top real estate market conditions in 2021
• #4: Markets with the highest real estate prospects in 2022
• #5: Markets with the most growth in home prices over the last three years
• #5: The best places to live in the United States in 2021

#4: North Carolina’s Raleigh and Cary

Rental Market Statistics of Raleigh

• Rate of multifamily vacancy (Q3-’21): 4.6%
• The successful growth of rent (Q3-’21, YoY): 21.4%
• The multifamily cap rate (Q3-’21): 4.9%
• Population growth of each year (2020, YoY): 1.1%
• Predicted population growth of each year (’22-’26): 1.3%
• Expected employment growth of each year (’22-’26): 1.2%
• Position change from 2020 to 2022: +4

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Raleigh’s Real Estate Market to Other Metros

• #2: Markets with top real estate opportunities in 2022
• #2: The best places to live in the United States in 2021
• #2: Markets that spend heavily on local infrastructure
• #3: Top local economies in the United States
• #3: Markets having the most potential for growth in 2022
• #5: Most sought-after real estate markets among investors for 2022
• #6: Markets with the most increase in population over the last ten years
• #6: Markets with a substantial supply of accessible, reasonably priced rentals
• #7: U.S. cities with the best management in 2021
• #7: Leading cities to launch a business in 2021
• #8: Markets expected to experience the fastest population increase and household formation over the next five years
• #8: Real estate markets that are in the best shape in 2021

#5: Arizona’s Phoenix, Mesa, and Scottsdale

Rental Market Statistics of Phoenix

• Rate of multifamily vacancy (Q3-’21): 4.6%
• Successful rent growth (Q3-’21, YoY): 23.4%
• The multifamily cap rate (Q3-’21): 4.9%
• Population growth of each year: (2020, YoY): 2.1%
• Expected population growth of each year: (’22-’26): 1.3%
• Predicted employment growth of each year: (’22-’26): 1.7%
• Position change from 2020 to 2022: +10

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Comparing Phoenix’ Real Estate Market to Other Metros

• #3: Markets expected to have an increase in growth rates by property managers in 2022/2023
• #3: Markets with top real estate opportunities in 2022
• #3: Markets expected to have an increase in growth rates by rental investors in 2022/2023
• #5: Markets with an increase in employment projected for the next five years
• #6: Markets with the most growth in home prices over the last three years
• #6: Top local economies in the U.S.
• #6: Markets with the most advanced prospects in 2022
• #7: Markets that spend heavily on community infrastructure
• #7: Markets with the most increase in asking and effective rents in 2021
• #8: Markets expected to experience the fastest population increase and household formation over the next five years
• #9: Markets with the most growth in condo prices in 2021

#6: Florida’s Tampa, St. Petersburg, and Clearwater

Rental Market Statistics of Tampa

• Rate of multifamily vacancy (Q3-’21): 4.5%
• Successful rent growth (Q3-’21, YoY): 26.0%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 1.4%
• Expected population growth of each year: (’22-’26): 1.0%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 to 2022: +14

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Comparing Tampa’s Real Estate Market to Other Metros

• #1: Markets with the most advanced prospects in 2022
• #4: Markets where asking rents increased most in 2021
• #4: Markets that spend heavily on local infrastructure
• #5: Real Estate markets with the best leads in 2022
• #5: Markets where property managers expect the fastest growth in 2022–2023
• #5: Markets with the most significant effective rent increase in 2021
• #8: Top American local economies.
• #9: Leading cities to launch a business in 2021
• #11: Markets where buying a property is more expensive than renting
• #12: The most sought-after real estate markets for 2022
• #13: Markets with increased immigration decreased emigration in 2021

#7: North Carolina’s Durham and Chapel Hill

Rental Market Statistics of Durham

• Rate of multifamily vacancy (Q3-’21): 4.8%
• Successful rent growth (Q3-’21, YoY): 17.3%
• The multifamily cap rate (Q3-’21): 3.7%
• Population growth of each year: (2020, YoY): 1.1%
• Expected population growth of each year: (’22-’26): 1.3%
• Predicted employment growth of each year: (’22-’26): 1.2%
• Position change from 2020 to 2022: +6

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Durham’s Real Estate Market to Other Metros

• #2: Best estate prospects for 2022
• #2: Real estate markets in 2021 with favorable conditions
• #2: Leading cities to live in the U.S. in 2021
• #2: Top cities to launch a startup in 2021
• #2: Markets with a high local infrastructure investment
• #3: American top local economies
• #3: Most advanced markets in 2022
• #4: American cities with the best management in 2021
• #5: Most sought-after real estate markets by investors for 2022
• #6: Markets with a significant supply of accessible, reasonably priced rentals
• #7: The finest quality of life in small cities for residents
• #7: Top American towns for employment jobs in 2021

#8: Florida’s Jacksonville

Rental Market Statistics of Jacksonville

• Rate of multifamily vacancy (Q3-’21): 4.7%
• Successful rent growth (Q3-’21, YoY): 21.9%
• The multifamily cap rate (Q3-’21): 4.3%
• Population growth of each year: (2020, YoY): 1.7%
• Expected population growth of each year: (’22-’26): 1.2%
• Predicted employment growth of each year: (’22-’26): 1.3%
• Position change from 2020 to 2022: -1

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Jacksonville’s Real Estate Market to Other Metros

• #12: Markets where asking and effective rents will rise substantially in 2021
• #13: Markets expected to experience the fastest population increase and household formation during the following five years
• #14: 2021’s top cities for company startups
• #15: Markets with a high immigrant population and a low emigration population in 2021
• #20: Markets expected to experience the fastest growth in employment during the next five years
• #21: The best places to live in the United States
• #21: Markets having the most potential for development in 2022 

#9: California’s Riverside, San Bernardino, and Ontario

Rental Market Statistics of Riverside

• Rate of multifamily vacancy (Q3-’21): 1.9%
• Successful rent growth (Q3-’21, YoY): 15.4%
• The multifamily cap rate (Q3-’21): 5.2%
• Population growth of each year: (2020, YoY): 0.8%
• Expected population growth of each year: (’22-’26): 1.0%
• Predicted employment growth of each year: (’22-’26): 1.8%
• Position change from 2020 to 2022: +48

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Riverside’s Real Estate Market to Other Metros

• #4: Markets expected to experience the fastest growth in employment during the next five years
• #6: Markets with a large percentage of young people living there
• #7: The most sought-after real estate markets for 2022
• #12: Markets having the most potential for development in 2022
• #13: American local economy with the highest ratings
• #14: Markets where there is a lot of investment in local infrastructure
• #17: Markets with the most substantial potential for real estate in 2022
• #19: Markets where asking and effective rents will rise most dramatically in 2021
• #19: The areas where housing prices have increased the most over the past three years
• #20: Markets with the highest anticipated five-year rates of household formation and population increase 

#10: Texas’ Dallas, Fort Worth, and Arlington

Rental Market Statistics of Dallas

• Rate of multifamily vacancy (Q3-’21): 5.7%
• Successful rent growth (Q3-’21, YoY): 15.2%
• The multifamily cap rate (Q3-’21): 5.6%
• Population growth of each year: (2020, YoY): 1.6%
• Expected population growth of each year: (’22-’26): 1.4%
• Predicted employment growth of each year: (’22-’26): 1.6%
• Position change from 2020 to 2022: +42

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Dallas’ Real Estate Market to Other Metros

• #2: Markets where rental investors expect the most significant growth rates in 2022/202
• #3: Markets with the best local economies in the U.S
• #3: Markets with many citizens under 30
• #5: Markets expected to experience the fastest population increase and household formation during the following five years
• #7: The most critical conditions for the real estate markets in 2021
• #7: Markets having the most potential for development in 2022
• #8: Markets where property managers forecast the most significant growth in 2022–2023
• #8: Markets where there is a lot of investment in local infrastructure
• #9: Markets expected to experience the fastest growth in employment during the next five years 
• #12: Top cities to launch a business in 2021 
• #10: Real estate markets with the highest investor interest for 2022

#11: Tennessee’s Knoxville

Rental Market Statistics of Knoxville

• Rate of multifamily vacancy (Q3-’21): 2.6%
• Successful rent growth (Q3-’21, YoY): 14.0%
• The multifamily cap rate (Q3-’21): 6.5%
• Population growth of each year: (2020, YoY): 1.0%
• Expected population growth of each year: (’22-’26): 0.6%
• Predicted employment growth of each year: (’22-’26): 0.8%
• Position change from 2020 to 2022: +50

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Knoxville’s Emerging Real Estate Markets to Other Metros

• #2: Markets with the highest increases in condo prices in 2021
• #3: Markets where the cost of doing business is somewhat low
• #9: Top American cities for employment in 2021
• #12: markets with a significant supply of affordable and readily available rentals
• #14: The areas where housing prices have increased the most over the past three years
• #17: Highest-rated U.S. job markets for 2021
• #23: Markets where there is a lot of investment in local infrastructure
• #24: Lowest rates of unemployment in 2021
• #25: Markets where purchasing a property is more expensive than renting

#12: Georgia’s Atlanta, Sandy Springs, and Roswell

          

Rental Market Statistics of Atlanta

• Rate of multifamily vacancy (Q3-’21): 5.2%
• Successful rent growth (Q3-’21, YoY): 21.0%
• The multifamily cap rate (Q3-’21): 5.1%
• Population growth of each year: (2020, YoY): 1.0%
• Expected population growth of each year: (’22-’26): 1.1%
• Predicted employment growth of each year: (’22-’26): 1.5%
• Position change from 2020 to 2022: +22

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Atlanta’s Emerging Real Estate Markets to Other Metros

• #3: Top American cities for employment in 2021
• #4: Markets where property managers forecast the most significant growth in 2022–2023
• #8: Markets with the most substantial potential for real estate in 2022
• #8: Markets having the most potential for development in 2022
• #9: 2021’s top cities for company startups
• #10: Markets where rental investors expect the most substantial growth rates in 2022/2023
• #11: Markets with a large percentage of young people living there
• #12: The cities in 2021 with the best real estate market conditions
• #12: American local economy with the highest ratings
• #14: The most sought-after real estate markets for 2022
• #14: Markets expected to experience the fastest growth in employment during the next five years
• #15: Markets with the most significant increases in asking rent prices and efficiency in 2021

#13: Arizona’s Tucson

Rental Market Statistics of Tucson

• Rate of multifamily vacancy (Q3-’21): 4.3%
• Successful rent growth (Q3-’21, YoY): 15.9%
• The multifamily cap rate (Q3-’21): 6.0%
• Population growth of each year: (2020, YoY): 1.1%
• Expected population growth of each year: (’22-’26): 0.6%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 to 2022: +22

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Atlanta’s Real Estate Market to Other Metros

• #6: Markets with the highest increases in condo prices in 2021
• #9: Areas where housing prices have most increased in the past three years
• #17: Markets where the cost of doing business is somewhat low
• #20: American cities with the best management in 2021
• #20: Markets expected to experience the fastest economic growth during the next five years
• #21: Markets where asking rents will rise most dramatically in 2021
• #25: Highest-rated U.S. job markets for 2021
• #26: Markets where purchasing a property is more expensive than renting

#14: Tennessee’s Nashville, Murfreesboro, and Franklin

Rental Market Statistics of Nashville

• Rate of multifamily vacancy (Q3-’21): 4.5%
• Successful rent growth (Q3-’21, YoY): 16.4%
• The multifamily cap rate (Q3-’21): 4.0%
• Population growth of each year: (2020, YoY): 1.4%
• Expected population growth of each year: (’22-’26): 1.3%
• Predicted employment growth of each year: (’22-’26): 1.6%
• Position change from 2020 to 2022: +10

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Nashville’s Real Estate Market to Other Metros

• #1: The most sought-after real estate markets for 2022
• #1: Markets with the most substantial potential for real estate in 2022
• #2: Markets having the most potential for development in 2022
• #2: American local economy with the highest ratings
• #6: Markets where there is a lot of investment in local infrastructure
• #8: Markets expected to experience the fastest population increase and household formation during the following five years
• #9: Markets expected to experience the most rapid growth in employment during the next five years
• #11: Markets with a large percentage of young people living there
• #12: The cities in 2021 with the best real estate market conditions
• #12: American real estate markets with the fastest growth

#15: Colorado’s Denver, Aurora, and Lakewood

Rental Market Statistics of Denver

• Rate of multifamily vacancy (Q3-’21): 5.4%
• Successful rent growth (Q3-’21, YoY): 14.7%
• The multifamily cap rate (Q3-’21): 4.8%
• Population growth of each year: (2020, YoY): 0.9%
• Expected population growth of each year: (’22-’26): 1.1%
• Predicted employment growth of each year: (’22-’26): 1.3%
• Position change from 2020 to 2022: +17

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Denver’s Real Estate Market to Other Metros

• #4: Markets where rental investors expect the most substantial growth rates in 2022/2023
• #8: The most sought-after real estate markets for 2022
• #9: Markets having the most potential for development in 2022
• #10: Markets where property managers forecast the most significant growth in 2022–2023
• #10: Markets where there is a lot of investment in local infrastructure
• #11: American local economy with the highest ratings
• #11: American cities with the fastest growth.
• #11: Markets with a large percentage of young people living there
• #12: Markets with the highest prospects for the housing market in 2022
• #12: Highest-rated U.S. job markets for 2021
• #14: Areas where housing prices have most increased in the past three years
• #15: Best areas in the United States to reside in 2021

#16: Washington’s Spokane

Rental Market Statistics of Spokane

• Rate of multifamily vacancy (Q3-’21): 2.9%
• Successful rent growth (Q3-’21, YoY): 16.9%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 1.2%
• Expected population growth of each year: (’22-’26): 1.1%
• Predicted employment growth of each year: (’22-’26): 0.9%
• Position change from 2020 to 2022: +29

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Spokane’s Real Estate Market to Other Metros

• #2: The areas where housing prices have increased the most over the past three years
• #8: Markets expected to add the most jobs in 2021
• #12: Markets where asking and effective rents will rise most dramatically in 2021
• #16: Markets expected to experience the fastest population increase and household formation during the following five years
• #20: Markets expected to experience the most rapid economic growth during the next five years
• #21: The real estate markets that will be in the best shape in 2021
• #25: Markets with a high immigrant population and a low emigration population in 2021

#17: Nevada’s Las Vegas, Henderson, and Paradise

Rental Market Statistics of Las Vegas

• Rate of multifamily vacancy (Q3-’21): 3.8%
• Successful rent growth (Q3-’21, YoY): 23.0%
• The multifamily cap rate (Q3-’21): 4.6%
• Population growth of each year: (2020, YoY): 1.8%
• Expected population growth of each year: (’22-’26): 1.2%
• Predicted employment growth of each year: (’22-’26): 2.7%
• Position change from 2020 to 2022: +13

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Las Vegas Real Estate Market to Other Metros

• #1: Markets that anticipate rapid economic development over the following five years.
• #2: Markets expected to experience the fastest growth in employment during the next five years
• #3: High percentage of people living in rentals
• #3: Markets expected to add the most jobs in 2021
• #7: Markets where asking and effective rents will rise most dramatically in 2021
• #13: Markets expected to experience the fastest population increase and household formation during the following five years
• #17: Markets with the highest increases in home and condo prices in 2021
• #17: American local economies with the highest ratings

#18: California’s Sacramento, Roseville, and Arden-Arcade

Rental Market Statistics of Sacramento

• Rate of multifamily vacancy (Q3-’21): 3.6%
• Successful rent growth (Q3-’21, YoY): 12.7%
• The multifamily cap rate (Q3-’21): 4.6%
• Population growth of each year: (2020, YoY): 0.5%
• Expected population growth of each year: (’22-’26): 0.9%
• Predicted employment growth of each year: (’22-’26): 1.4%
• Position change from 2020 to 2022: -5

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Sacramento’s Real Estate Market to Other Metros

• #3: The American cities with the broadest economic diversification
• #10: Real estate markets in the best shape for 2021
• #12: Markets with the fastest increases in condo prices in 2021
• #12: The cities in 2021 with the best real estate market conditions
• #13: Markets expected to experience the most rapid economic growth during the next five years
• #14: High percentage of people living in rentals
• #15: U.S. cities with the highest rates of growth in 2021
• #17: Markets expected to experience the fastest growth in employment during the next five years

#19: South Carolina’s Charleston

Rental Market Statistics of Charleston

• Rate of multifamily vacancy (Q3-’21): 7.7%
• Successful rent growth (Q3-’21, YoY): 19.6%
• The multifamily cap rate (Q3-’21): 5.6%
• Population growth of each year: (2020, YoY): 1.8%
• Expected population growth of each year: (’22-’26): 1.2%
• Predicted employment growth of each year: (’22-’26): 1.4%
• Position change from 2020 to 2022: 0

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Charleston’s Real Estate Market to Other Metros

• #1: The cities in 2021 with the best real estate market conditions
• #7: U.S. cities with the highest rates of growth in 2021
• #13: The U.S. markets with the highest predicted rates of population growth and household formation
• #10: The best places to find work.
• #15: The U.S. markets with the highest local economies
• #17: Markets with the most significant anticipated five-year employment growth
• #17: Markets having the most potential for development in 2022
• #17: Markets with a high immigrant population and a low emigration population in 2021
• #18: The most sought-after real estate markets for 2022
• #18: Markets where effective rents will rise most dramatically in 2021

#20: California’s San Diego and Carlsbad

Rental Market Statistics of San Diego

• Rate of multifamily vacancy (Q3-’21): 2.4%
• Successful rent growth (Q3-’21, YoY): 13.7%
• The multifamily cap rate (Q3-’21): 4.0%
• Population growth of each year: (2020, YoY): 0.1%
• Expected population growth of each year: (’22-’26): 0.3%
• Predicted employment growth of each year: (’22-’26): 1.0%
• Position change from 2020 to 2022: +49

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing San Diego’s Real Estate Market to Other Metros

• #3: Markets expected to experience the fastest economic growth during the next five years
• #3: High percentage of people living in rentals
• #7: Cities with the highest standards of living
• #11: Markets in the United States with a high percentage of younger residents
• #8: Most desired places to live
• #11: Home prices will rise significantly in 2021.
• #13: Markets with the most substantial potential for real estate in 2022
• #16: Markets where property managers forecast the most significant growth in 2022–2023
• #16: Top real estate markets for 2022, according to investors

#21: Florida’s North Port, Sarasota, and Bradenton

Rental Market Statistics of North Port

• Rate of multifamily vacancy (Q3-’21): 3.0%
• Successful rent growth (Q3-’21, YoY): 36.9%
• The multifamily cap rate (Q3-’21): 6.4%
• Population growth of each year: (2020, YoY): 2.0%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing North Port’s Real Estate Market to Other Metros

• #2: Markets with a high immigrant population and a low emigration population in 2021
• #3: Markets where asking rents will rise most dramatically in 2021
• #3: Markets where effective rents will rise most dramatically in 2021
• #4: Markets with the highest increases in condo prices in 2021
• #8: Best areas in the United States to reside in 2021
• #10: Markets where the issuance of housing permits keeps pace with the construction of new households
• #12: The most desirable places to live in the United States
• #13: The areas where housing prices have increased the most over the past three years
• #14: The finest quality of life found in small cities.
• #14: Cities with the highest standards of living

#22: Florida’s Orlando, Kissimmee, and Sanford

Rental Market Statistics of Orlando

• Rate of multifamily vacancy (Q3-’21): 5.1%
• Successful rent growth (Q3-’21, YoY): 22.7%
• The multifamily cap rate (Q3-’21): 5.8%
• Population growth of each year: (2020, YoY): 1.2%
• Expected population growth of each year: (’22-’26): 1.8%
• Predicted employment growth of each year: (’22-’26): 3.3%
• Position change from 2020 to 2022: -5

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Orlando’s Real Estate Market to Other Metros

• #1: Markets expected to experience the fastest growth in employment during the next five years
• #2: Best American cities for jobs in 2021
• #3: Markets with the highest predicted rates of population growth and household formation during the following five years
• #4: 2021’s top cities for company startups
• #5: Markets that have experienced the fastest population growth in the past ten years
• #5: American towns with the most rapid growth in 2021
• #6: The cities in 2021 with the best real estate market conditions
• #9: Markets where asking and effective rents will rise drastically in 2021
• #9: Markets with a high immigrant population and a low emigration population in 2021

#23: Florida’s Cape Coral and Fort Myers

Rental Market Statistics of Cape Coral

• Rate of multifamily vacancy (Q3-’21): 8.0%
• Successful rent growth (Q3-’21, YoY): 27.8%
• The multifamily cap rate (Q3-’21): 5.6%
• Population growth of each year: (2020, YoY): 2.4%
• Expected population growth of each year: (’22-’26): 1.8%
• Predicted employment growth of each year: (’22-’26): 1.7%
• Position change from 2020 to 2022: +38

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Cape Coral’s Real Estate Market to Other Metros

• #1: U.S. cities with the highest rates of growth in 2021
• #2: Top metro areas for the 2021 real estate market
• #2: Markets with a high immigrant population and a low emigration population in 2021
• #3: Markets expected to experience the fastest population increase and household formation during the following five years
• #4: Markets where asking and effective rents will rise most dramatically in 2021
• Markets expected to experience the fastest growth in employment during the next five years
• #5: Markets with the highest increases in home and condo prices in 2021
• #7: Markets where the issuance of housing permits keeps pace with the construction of new households
• #10: Areas where housing prices have most increased in the past three years
• #13: Markets that have seen the fastest population growth over the past ten years

#24: Florida’s Miami, Fort Lauderdale, and West Palm Beach

Rental Market Statistics of Miami 

• Rate of multifamily vacancy (Q3-’21): 3.8%
• Successful rent growth (Q3-’21, YoY): 16.6%
• The multifamily cap rate (Q3-’21): 5.1%
• Population growth of each year: (2020, YoY): 0.1%
• Expected population growth of each year: (’22-’26): 0.9%
• Predicted employment growth of each year: (’22-’26): 1.4%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Miami’s Real Estate Market to Other Metros

• #8: The cities in 2021 with the best real estate market conditions
• #9: Markets were asking and effective rents will rise most in 2021
• #12: Markets where property managers forecast tremendous growth in 2022–2023
• #12: High percentage of people living in rentals
• #14: Markets expected to experience the fastest growth in employment during the next five years
• #14: Markets with the highest increases in condo prices in 2021
• #15: Markets where there is a lot of investment in local infrastructure
• #17: Best places to launch a business in 2021 are those with
• #16: The highest-rated local economies in the U.S.
• #17: Areas where housing prices have most increased in the past three years
• #18: The most sought-after real estate markets for 2022
• #20: Markets expected to experience the fastest population increase and household formation during the following five years

#25: North Carolina’s Charlotte, Concord, and Gastonia

Rental Market Statistics of Charlotte

• Rate of multifamily vacancy (Q3-’21): 6.4%
• Successful rent growth (Q3-’21, YoY): 18.0%
• The multifamily cap rate (Q3-’21): 4.5%
• Population growth of each year: (2020, YoY): 1.7%
• Expected population growth of each year: (’22-’26): 1.3%
• Predicted employment growth of each year: (’22-’26): 1.6%
• Position change from 2020 to 2022: -20

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Charlotte’s Real Estate Market to Other Metros

• #4: The most sought-after real estate markets for 2022
• #5: Markets having the most potential for development in 2022
• #6: Markets with the most substantial potential for real estate in 2022
• #6: 2021’s top cities for company startups
• #8: Markets expected to experience the fastest population increase and household formation during the following five years
• #9: Markets expected to experience the most rapid growth in employment during the next five years
• #9: American local economy with the highest ratings
• #15: Best areas in the United States to reside in 2021
• #15: Markets with a significant supply of accessible, reasonably priced rentals
• #17: Unique conditions for the real estate markets in 2021
• #19: Markets with a high immigrant population and a low emigration population in 2021

#26: Texas’ Houston, The Woodlands, and Sugar Land

Rental Market Statistics of Houston

• Rate of multifamily vacancy (Q3-’21): 7.1%
• Successful rent growth (Q3-’21, YoY): 10.4%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 1.3%
• Expected population growth of each year: (’22-’26): 1.4%
• Predicted employment growth of each year: (’22-’26): 1.6%
• Position change from 2020 to 2022: +58

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Houston’s Real Estate Market to Other Metros

• #3: Markets with a large percentage of young people living there
• #5: Markets expected to experience the fastest population increase and household formation during the following five years
• #7: Markets where property managers forecast the most remarkable growth in 2022–2023
• #8: Markets where rental investors anticipate the most significant growth rates in 2022/2023
• #9: Markets expected to experience the fastest growth in employment during the next five years
• #16: Markets having the most potential for development in 2022
• #18: High percentage of people living in rentals
• #18: Markets with significant infrastructure investment in local communities
• #19: Markets with the fastest population growth over the previous ten years

#27: Texas’ San Antonio and New Braunfels

Rental Market Statistics of San Antonio

• Rate of multifamily vacancy (Q3-’21): 6.3%
• Successful rent growth (Q3-’21, YoY): 13.3%
• The multifamily cap rate (Q3-’21): 6.6%
• Population growth of each year: (2020, YoY): 1.6%
• Expected population growth of each year: (’22-’26): 1.4%
• Predicted employment growth of each year: (’22-’26): 1.6%
• Position change from 2020 to 2022: -2

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing San Antonio’s Real Estate Market to Other Metros

• #5: Markets expected to experience the fastest population increase and household formation during the following five years
• #9: Markets expected to experience the most rapid growth in employment during the next five years
• #11: Markets with a large percentage of young people living there
• #13: Markets where the cost of doing business is somewhat low
• #14: Markets where property managers forecast tremendous growth in 2022–2023
• #14: Markets where rental investors anticipate the most significant growth rates in 2022/2023
• #19Markets in the United States with the best local economies
• #20: Markets with the most potential for growth in 2022
• #20: Markets where the issuance of housing permits keeps pace with the construction of new households
• #21: Markets with the most substantial potential for real estate in 2022

#28: New Hampshire’s Manchester and Nashua

Rental Market Statistics of Manchester

• Rate of multifamily vacancy (Q3-’21): 1.3%
• Successful rent growth (Q3-’21, YoY): 13.5%
• The multifamily cap rate (Q3-’21): 9.4%
• Population growth of each year: (2020, YoY): 0.2%
• Position change from 2020 to 2022: +24

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Manchester’s Real Estate Market to Other Metros

• #5: Markets where multifamily property cap rates will be highest in 2021
• #9: Top U.S. job markets for 2021
• #11: The finest quality of life in small cities.
• #12: Areas where multifamily vacancy rates will be at their lowest in 2021
• #12: American cities with the best management in 2021
• #17: Markets in 2021 with the lowest unemployment rate
• #19: Most home and condo price rises will occur in 2021.
• #22: Cities that offer the highest standards of living

#29: Indiana’s Carmel, Indianapolis, and Anderson

Rental Market Statistics of Indianapolis

• Rate of multifamily vacancy (Q3-’21): 5.2%
• Successful rent growth (Q3-’21, YoY): 11.1%
• The multifamily cap rate (Q3-’21): 7.1%
• Population growth of each year: (2020, YoY): 0.9%
• Expected population growth of each year: (’22-’26): 1.0%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 to 2022: -23

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Indianapolis’ Real Estate Market to Other Metros

• #6: Markets with a significant supply of accessible, reasonably priced rentals
• #8: Markets for real estate where renters and homebuyers can get the most value
• #9: Markets where purchasing a property is more expensive than renting
• #11: Markets with a large percentage of young people living there
• #20: Markets with the most significant anticipated population increase and household formation over the next five years
• #14: Markets with a relatively low cost of doing business
• #20: The most sought-after real estate markets for 2022
• #24: 2021’s top cities for company startups
• #27: Markets expected to experience the fastest growth in employment during the next five years
• #28: Markets having the most potential for development in 2022
• #28: Markets where the issuance of housing permits keeps pace with the construction of new households

#30: Washington’s Seattle, Tacoma, and Bellevue

Rental Market Statistics of Seattle

• Rate of multifamily vacancy (Q3-’21): 4.5%
• Successful rent growth (Q3-’21, YoY): 12.3%
• The multifamily cap rate (Q3-’21): 4.6%
• Population growth of each year: (2020, YoY): 1.0%
• Expected population growth of each year: (’22-’26): 0.9%
• Predicted employment growth of each year: (’22-’26): 1.4%
• Position change from 2020 to 2022: +33

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

Comparing Seattle’s Real Estate Market to Other Metros

• #3: The largest cities with the highest standards of living
• #3: Top-rated job markets in the United States for 2021
• #7: Markets with the highest anticipated five-year economic growth
• #7: Markets where property managers forecast the most significant development in 2022–2023
• #9: American real estate markets with the fastest growth
• #13: Markets where rental investors anticipate the most considerable growth rates in 2022/2023
• #14: Markets where a large percentage of people live in rental properties
• #15: Best areas in the United States to reside in 2021
• #16: Unique conditions for the real estate markets in 2021
• #17: Markets expected to experience the fastest growth in employment during the next five years
• #20: Markets expected to experience the most rapid population increase and household formation during the following five years

Tier II: 30 Other Real Estate Sectors to Follow in 2022

#31: Oregon’s Portland, Vancouver, and Hillsboro

Rental Market Statistics of Portland

• Rate of multifamily vacancy (Q3-’21): 4.5%
• Successful rent growth (Q3-’21, YoY): 10.3%
• The multifamily cap rate (Q3-’21): 5.3%
• Population growth of each year: (2020, YoY): 0.7%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 to 2022: -21

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#32: Florida’s Palm Bay, Melbourne, and Titusville

Rental Market Statistics of Palm Bay

• Rate of multifamily vacancy (Q3-’21): 4.0%
• Successful rent growth (Q3-’21, YoY): 18.8%
• The multifamily cap rate (Q3-’21): 7.2%
• Population growth of each year: (2020, YoY): 1.2%
• Position change from 2020 to 2022: +48

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#33: Florida’s Naples, Immokalee, and Marco Island

Rental Market Statistics of Naples

• Rate of multifamily vacancy (Q3-’21): 5.7%
• Successful rent growth (Q3-’21, YoY): 43.1%
• The multifamily cap rate (Q3-’21): 5.6%
• Population growth of each year: (2020, YoY): 1.8%
• Expected population growth of each year: (’22-’26): 1.8%
• Predicted employment growth of each year: (’22-’26): 1.7%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#34: Virginia’s Richmond

Rental Market Statistics of Richmond

• Rate of multifamily vacancy (Q3-’21): 4.7%
• Successful rent growth (Q3-’21, YoY): 11.6%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 0.7%
• Expected population growth of each year: (’22-’26): 0.6%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 and 2022: -16

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#35: Tennessee’s Chattanooga

Rental Market Statistics of Chattanooga

• Rate of multifamily vacancy (Q3-’21): 4.8%
• Successful rent growth (Q3-’21, YoY): 13.2%
• The multifamily cap rate (Q3-’21): 6.2%
• Population growth of each year: (2020, YoY): 0.8%
• Expected population growth of each year: (’22-’26): 0.6%
• Predicted employment growth of each year: (’22-’26): 0.4%
• Position change from 2020 to 2022: +48

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#36: Ohio’s Cincinnati

Rental Market Statistics of Cincinnati

• Rate of multifamily vacancy (Q3-’21): 3.7%
• Successful rent growth (Q3-’21, YoY): 7.3%
• The multifamily cap rate (Q3-’21): 8.0%
• Population growth of each year: (2020, YoY): 0.3%
• Expected population growth of each year: (’22-’26): 0.2%
• Predicted employment growth of each year: (’22-’26): 0.6%
• Position change from 2020 to 2022: -7

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#37: Ohio’s Columbus

Rental Market Statistics of Columbus

• Rate of multifamily vacancy (Q3-’21): 5.1%
• Successful rent growth (Q3-’21, YoY): 7.9%
• The multifamily cap rate (Q3-’21): 6.0%
• Population growth of each year: (2020, YoY): 0.6%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 1.0%
• Position change from 2020 to 2022: -14

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#38: Michigan’s Grand Rapids and Wyoming

Rental Market Statistics of Grand Rapids

• Rate of multifamily vacancy (Q3-’21): 2.7%
• Successful rent growth (Q3-’21, YoY): 11.4%
• The multifamily cap rate (Q3-’21): 6.8%
• Population growth of each year: (2020, YoY): 0.4%
• Position change from 2020 to 2022: -16

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#39: Maine’s Portland

Rental Market Statistics of Portland

• Rate of multifamily vacancy (Q3-’21): 3.0%
• Successful rent growth (Q3-’21, YoY): 6.8%
• The multifamily cap rate (Q3-’21): 8.1%
• Population growth of each year: (2020, YoY): 0.6%
• Expected population growth of each year: (’22-’26): 0.3%
• Predicted employment growth of each year: (’22-’26): 0.7%
• Position change from 2020 to 2022: +54

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#40: New Mexico’s Albuquerque

Rental Market Statistics of Albuquerque

• Rate of multifamily vacancy (Q3-’21): 4.5%
• Successful rent growth (Q3-’21, YoY): 16.9%
• The multifamily cap rate (Q3-’21): 5.5%
• Population growth of each year: (2020, YoY): 0.5%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 0.8%
• Position change from 2020 to 2022: +58

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#41: Oklahoma’s Oklahoma City

Rental Market Statistics of Oklahoma City

• Rate of multifamily vacancy (Q3-’21): 7.3%
• Successful rent growth (Q3-’21, YoY): 8.8%
• The multifamily cap rate (Q3-’21): 6.2%
• Population growth of each year: (2020, YoY): 1.1%
• Expected population growth of each year: (’22-’26): 0.8%
• Predicted employment growth of each year: (’22-’26): 1.0%
• Position change from 2020 to 2022: -29

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#42: Colorado’s Colorado Springs

Rental Market Statistics of Colorado

• Rate of multifamily vacancy (Q3-’21): 4.8%
• Successful rent growth (Q3-’21, YoY): 14.3%
• The multifamily cap rate (Q3-’21): 5.3%
• Population growth of each year: (2020, YoY):0.9%
• Position change from 2020 to 2022: -5

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#43: Nebraska’s Omaha and Council Bluffs

Rental Market Statistics of Omaha

• Rate of multifamily vacancy (Q3-’21): 4.0%
• Successful rent growth (Q3-’21, YoY): 6.1%
• The multifamily cap rate (Q3-’21): 6.1%
• Population growth of each year: (2020, YoY): 0.6%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 0.8%
• Position change from 2020 to 2022: -11

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#44: Wisconsin’s Madison

Rental Market Statistics of Madison

• Rate of multifamily vacancy (Q3-’21): 3.4%
• Successful rent growth (Q3-’21, YoY): 3.1%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 0.7%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 1.3%
• Position change from 2020 to 2022: -40

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#45: Iowa’s Des Moines

Rental Market Statistics of Des Moines

• Rate of multifamily vacancy (Q3-’21): 5.5%
• Successful rent growth (Q3-’21, YoY): 4.0%
• The multifamily cap rate (Q3-’21): 7.8%
• Population growth of each year: (2020, YoY): 1.1%
• Expected population growth of each year: (’22-’26): 1.1%
• Predicted employment growth of each year: (’22-’26): 1.2%
• Position change from 2020 to 2022: -29

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#46: South Carolina’s Anderson, Greenville, and Mauldin

Rental Market Statistics of Greenville

• Rate of multifamily vacancy (Q3-’21): 5.1%
• Successful rent growth (Q3-’21, YoY): 14.5%
• The multifamily cap rate (Q3-’21): 5.3%
• Population growth of each year: (2020, YoY): 1.2%
• Expected population growth of each year: (’22-’26): 0.7%
• Predicted employment growth of each year: (’22-’26): 1.0%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#47: Virginia’s Norfolk, Virginia Beach, and Newport News

Rental Market Statistics of Virginia Beach

• Rate of multifamily vacancy (Q3-’21): 2.8%
• Successful rent growth (Q3-’21, YoY): 12.1%
• The multifamily cap rate (Q3-’21): 5.2%
• Population growth of each year: (2020, YoY): 0.4%
• Expected population growth of each year: (’22-’26): 0.5%
• Predicted employment growth of each year: (’22-’26): 0.7%
• Position change from 2020 to 2022: -21

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#48: Nevada’s Reno

Rental Market Statistics of Reno

• Rate of multifamily vacancy (Q3-’21): 4.1%
• Successful rent growth (Q3-’21, YoY): 12.7%
• The multifamily cap rate (Q3-’21): 5.9%
• Population growth of each year: (2020, YoY): 1.0%
• Position change from 2020 to 2022: +37

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#49: Missouri’s Kansas City

Rental Market Statistics of Kansas City

• Rate of multifamily vacancy (Q3-’21): 5.8%
• Successful rent growth (Q3-’21, YoY): 7.0%
• The multifamily cap rate (Q3-’21): 6.2%
• Population growth of each year: (2020, YoY): 0.5%
• Expected population growth of each year: (’22-’26): 0.6%
• Predicted employment growth of each year: (’22-’26): 0.8%
• Position change from 2020 to 2022: -22

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#50: Rhode Island’s Providence and Warwick

Rental Market Statistics of Providence

• Rate of multifamily vacancy (Q3-’21): 2.5%
• Successful rent growth (Q3-’21, YoY): 8.4%
• The multifamily cap rate (Q3-’21): 7.2%
• Population growth of each year: (2020, YoY): 0.0%
• Expected population growth of each year: (’22-’26): 0.1%
• Predicted employment growth of each year: (’22-’26): 0.5%
• Position change from 2020 to 2022: +51

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#51(tie): Florida’s Deltona, Daytona Beach, and Ormond Beach

Rental Market Statistics of Deltona

• Rate of multifamily vacancy (Q3-’21): 4.2%
• Successful rent growth (Q3-’21, YoY): 17.2%
• The multifamily cap rate (Q3-’21): 8.2%
• Population growth of each year: (2020, YoY): 1.6%
• Expected population growth of each year: (’22-’26): 1.0%
• Predicted employment growth of each year: (’22-’26): 0.8%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

#51(tie): Hawaii’s Honolulu

Rental Market Statistics of Honolulu

• Rate of multifamily vacancy (Q3-’21): 5.2%
• Successful rent growth (Q3-’21, YoY): 11.4%
• The multifamily cap rate (Q3-’21): 6.7%
• Population growth of each year: (2020, YoY): -1.0%
• Expected population growth of each year: (’22-’26): 0.1%
• Predicted employment growth of each year: (’22-’26): 1.1%
• Position change from 2020 to 2022: New to list

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#53: Maryland’s Baltimore, Columbia, and Towson

Rental Market Statistics of Baltimore

• Rate of multifamily vacancy (Q3-’21): 3.7%
• Successful rent growth (Q3-’21, YoY): 12.3%
• The multifamily cap rate (Q3-’21): 8.5%
• Population growth of each year: (2020, YoY): -0.1%
• Expected population growth of each year: (’22-’26): 0.2%
• Predicted employment growth of each year: (’22-’26): 0.7%
• Position change from 2020 to 2022: +14

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#54: Pennsylvania’s Philadelphia

Rental Market Statistics of Philadelphia

• Rate of multifamily vacancy (Q3-’21): 3.7%
• Successful rent growth (Q3-’21, YoY): 9.7%
• The multifamily cap rate (Q3-’21): 7.8%
• Population growth of each year: (2020, YoY): 0.1%
• Expected population growth of each year: (’22-’26): 0.2%
• Predicted employment growth of each year: (’22-’26): 0.6%
• Position change from 2020 to 2022: +41

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#55: California’s Fresno

Rental Market Statistics of Fresno

• Rate of multifamily vacancy (Q3-’21): 1.4%
• Successful rent growth (Q3-’21, YoY): 12.7%
• The multifamily cap rate (Q3-’21): 5.0%
• Population growth of each year: (2020, YoY): 0.3%
• Position change from 2020 to 2022: New to List

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

#56: Florida’s Port St. Lucie

Rental Market Statistics of Port St. Lucie

• Rate of multifamily vacancy (Q3-’21): 3.4%
• Successful rent growth (Q3-’21, YoY): 25.2%
• The multifamily cap rate (Q3-’21): 8.0%
• Population growth of each year: (2020, YoY): 2.0%
• Position change from 2020 to 2022: +4

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#57: Alabama’s Birmingham and Hoover

Rental Market Statistics of Birmingham

• Rate of multifamily vacancy (Q3-’21): 6.8%
• Successful rent growth (Q3-’21, YoY): 10.4%
• The multifamily cap rate (Q3-’21): 6.0%
• Population growth of each year: (2020, YoY): 0.1%
• Expected population growth of each year: (’22-’26): 0.4%
• Predicted employment growth of each year: (’22-’26): 0.6%
• Position change from 2020 to 2022: +19

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#58(tie): Florida’s Gainesville

Rental Market Statistics of Gainesville

• Rate of multifamily vacancy (Q3-’21): 4.8%
• Successful rent growth (Q3-’21, YoY): 11.0%
• The multifamily cap rate (Q3-’21): 4.5%
• Population growth of each year: (2020, YoY): 0.8%
• Expected population growth of each year: (’22-’26): 0.1%
• Predicted employment growth of each year: (’22-’26): 0.6%
• Position change from 2020 to 2022: -2

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#58(tie): Florida’s Tallahassee

Rental Market Statistics of Tallahassee

• Rate of multifamily vacancy (Q3-’21): 6.2%
• Successful rent growth (Q3-’21, YoY): 11.7%
• The multifamily cap rate (Q3-’21): 7.1%
• Population growth of each year: (2020, YoY): 0.6%
• Expected population growth of each year: (’22-’26): 0.5%
• Predicted employment growth of each year: (’22-’26): 0.9%
• Position change from 2020 to 2022: +16

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021

#60: Alabama’s Huntsville

Rental Market Statistics of Huntsville

• Rate of multifamily vacancy (Q3-’21): 6.6%
• Successful rent growth (Q3-’21, YoY): 9.7%
• The multifamily cap rate (Q3-’21): 6.2%
• Population growth of each year: (2020, YoY): 2.1%
• Position change from 2020 to 2022: -38

References: PwC/ULI Emerging Trends Report – 2022 & NAR Market Reports – Q3-2021 

Methodology: What Sources & Factors Went Into Our Rankings of the Real Estate Market

Market Indicators 

Ways for investors and property managers to know their opportunities:

• Markets where rental investors forecast the most significant growth rates in 2022–2023: The cities that small-portfolio rental property investors anticipate will experience income and portfolio growth over the following two years.
• The markets with the most promising real estate prospects in 2022, as determined by PwC and the Urban Land Institute.
• The top real estate investment markets for 2022, as determined by PwC and the Urban Land Institute.
• Markets that, according to the National Association of Realtors, will have the highest cap rates for multifamily buildings in 2021.
• Markets with the most chance for development in 2022, as determined by PWC and the Urban Land Institute.
• Real estate markets with the best conditions in 2021, as determined by the National Association of Realtors.
• The top real estate investment markets for 2022, as determined by PwC and the Urban Land Institute.
• Markets predicted by PwC and the Urban Land Institute to have the most substantial real estate prospects in 2022.

Indicators of Housing 

How to know the development, availability, and affordability of housing:

• According to the National Association of Realtors, markets with the highest price growth in homes and condos in the previous three years.
• As the National Association of Realtors determined, markets where asking rentals (the rates listed for unoccupied units) have increased significantly over the past year.
• Markets where effective rents have increased the most over the past year, as determined by the National Association of Realtors (the prices tenants agree to pay at lease signing).
• According to the National Association of Realtors, industries with meager multifamily vacancy rates in the past year.
• Areas with a substantial supply of rentals that are reasonable and accessible for families paying 80% of the region’s median income, as determined by PwC and the Urban Land Institute.
• According to calculations made by PwC and the Urban Land Institute, markets where it’s cheaper to rent than buy property are those where rental demand is highest.
• Markets with a high percentage of renters are a sign of a healthy rental market, according to calculations by PwC and the Urban Land Institute.
• Real estate markets that, according to U.S. News, will provide renters and homebuyers with the best value in 2021.
• The rent-to-earnings ratio for two-person households in the markets with the lowest rentals as determined by the National Association of Realtors
• Markets where real estate represents the best value for purchasers as opposed to those where there is a risk of overpricing, as determined by Florida Atlantic University.
• Markets where the number of housing permits is keeping pace with household formation and job growth, demonstrating a balance between housing supply and demand, as determined by PwC and the Urban Land Institute.
• Markets where the National Association of Realtors reported a significant increase in building permits in 2021, indicating growth in housing output.

Job Market & Economic Indicators 

How to know the cost of doing business, employment, job creation and opportunity, wage growth, and productivity:

· Markets predicted by PwC and the Urban Land Institute to experience the highest job growth over the coming five years.

·       The highest-rated job markets and top cities for jobs in the U.S. in 2021, as determined by WalletHub and U.S. News, are based on average earnings, unemployment rates, employment growth, and other variables.

·       Markets with cities with the best management in the United States in 2021, according to WalletHub’s calculation based on budget per capita, safety, financial stability and economic health, infrastructure, and the caliber of their educational and healthcare systems.

· According to PwC and the Urban Land Institute, markets with a comparatively low cost of doing business make it easier for startups to succeed.

· According to PwC and the Urban Land Institute, markets with high investment levels in local infrastructure from both public and private sources contribute to expanding their economies and drawing in additional workers, residents, and investors.

· According to WalletHub’s analysis of the business climate, operating expenses, and accessibility to resources, these are the best places for startups in 2021.

·       The best local economies in the United States, as determined by PwC and the Urban Land Institute’s assessment of their local economies.

· According to WalletHub, the U.S. cities with the most diverse economies can better maintain stability when specific industries or the regional or national economy are experiencing downturns.

· Markets predicted by PwC and the Urban Land Institute to see the highest rates of economic growth over the next five years, as indicated by their gross metropolitan product, which is the annual production of a city’s metro area.

·       Markets where unemployment will be at its lowest level in 2021, according to the National Association of Realtors.

· In line with the National Association of Realtors, the markets with the most projected job growth for 2021.

· Markets that, as determined by the National Association of Realtors, have experienced the most substantial salary increase for employees in 2021, enhancing their capacity to buy housing despite growing expenses.

· According to PwC and the Urban Land Institute,  markets anticipating per capita income to rise over the following five years reflect an increasing standard of living among a city’s people.

Indicators of Demography 

Ways to know the household formation and population growth:

· According to calculations made by PwC and the Urban Land Institute, markets with a high percentage of youthful residents under the age of 45 help to assure continuous growth in the local economy and housing demand.

· According to PwC and the Urban Land Institute, sectors with the most rapid population growth and household formation will signal ongoing expansion in housing demand and the local economy over the next five years.

·       Markets where we expect immigration and emigration to be high and low, respectively, in 2021, according to U.S. News and the National Association of Realtors.

·       Areas where the local economy and housing demands have grown the fastest during the past ten years, from 2010 to 2020, as stated by the U.S. Census Bureau. 

· According to WalletHub’s calculations, U.S. cities with the fastest growth rates in 2021.

Indicators of Quality of Life 

Ways to know cities’ level of appeal, ease of living, and residents’ satisfaction:

· U.S. News’ annual evaluations of migration, desirability, job market quality, and housing affordability state these are the best places to live in the United States in 2021.

· The small and large cities with the highest resident quality of life, as determined by WalletHub based on factors such as affordability, economic health, safety, and the caliber of their healthcare and education systems.

·       Metro regions with the finest transit systems and shortest commutes contribute to residents’ quality of life and economic growth, as measured by AllTransit.

· According to U.S. News, the best places to live in the United States are those that support population growth and housing demand