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August 7, 2024


THE BEST MULTIFAMILY MARKETS: A 4-MINUTE GUIDE

GP How-tos
Covercy 1 Comment 


BEFORE WE DIG IN…

If you’ve been considering getting into multifamily investing, or if you’re
already in the space but are still looking to streamline your approach, check
out our guide to the best multifamily markets to invest in today. Here’s what
you can expect:

 * Discover the country’s hottest multifamily markets
 * Learn what’s influencing their growth and popularity
 * Learn what to consider if you want to get involved
 * Explore tips on how to maximize your investment outcomes

Download your free copy now.


WHY MULTIFAMILY INVESTING IS GROWING IN POPULARITY

Thanks to the dramatic rise of remote work, the desire for more living space,
various communities’ rise in popularity, and other factors, multifamily
investing has seen significant growth over the past two years. According to
Redfin’s rental report, rents are up 14% year-over-year — one of the smallest
increases since Q4 2021. Demand isn’t slowing down, either — the National
Multifamily Housing Council noted that 4.3 million more apartments were needed
by 2035 to meet existing demand. Key cities are seeing more growth than others,
giving investors and GPs more opportunities for growth.


HERE ARE JUST A FEW OF THE BEST MULTIFAMILY MARKETS

 * Miami Metro Area
   * YOY Rent Growth: 26.3%
   * Est. Year-End Growth: 10.5%
 * Orlando, Florida
   * YOY Rent Growth: 24.8%
   * Est. Year-End Growth: 8.9%
 * Tampa, Florida
   * YOY Rent Growth: 23.8%
   * Est. Year-End Growth: 8.1%
 * Las Vegas, Nevada
   * YOY Rent Growth: 23.4%
   * Est. Year-End Growth: 8.4%
 * Phoenix, Arizona
   * YOY Rent Growth: 23.2%
   * Est. Year-End Growth: 7.7%

Get the full list with complete stats: Download our top multifamily investment
markets guide now to see more top markets along with data on how they’re ranked.


WHY ARE THESE MARKETS DOING SO WELL FOR MULTIFAMILY INVESTING?

There are a number of reasons, but two of the most common revolve around
employment: job creation and company expansions/relocations. On the job creation
side, markets with companies that are winning the talent game are naturally
seeing strong employment statistics. People are relocating there or are already
living there and finding employment that doesn’t require them to move thanks to
remote work. Additionally, companies are more empowered today than ever to
explore other locations for their headquarters — whether it’s to be closer to a
talent pool or to take advantage of tax benefits.


HOW TO MAKE THE MOST OUT OF AN INVESTMENT OPPORTUNITY

If you’re looking to break into multifamily investing, working in the best
multifamily markets is a great way to start — provided that you consider
meaningful statistics and make solid decisions. It can be easy to go too big too
quickly or make a financial misstep early (and pay the price later). Here are a
few things to keep in mind:

 * Rent Growth — While these markets have seen significant upward trends, it’s
   important to look at any market’s rent growth over time. Sustained growth
   over longer periods is better than a short, recent growth spurt.
 * Vacancy — You don’t want to invest in a market that has more vacancy than
   demand. Low vacancy rates indicate higher demand than existing supply.
 * Income — Markets with stronger average income may indicate an opportunity to
   invest in better asset classes. Balance this with inflation and the
   consistent rise in wages over the past year to make the best decision.

If you decide to move forward and explore your investment opportunities in these
markets, ensure you set yourself up for success. Historically, a great deal of
the commercial real estate (CRE) function has been manual. If your goal is to
grow your multifamily asset portfolio, the administrative headaches, costs, and
wasted time will rapidly become overwhelming. Using a CRE investment management
software solution will streamline a significant part of your work. Here’s how:

 * Fundraising — It’s likely that you’ll need to fundraise to get the capital
   you need to see the transaction through. Managing this strategically and with
   the use of technology will help you target the right investors and manage
   fundraising seamlessly from start to finish.
 * Banking — Investors have several bank accounts for different needs per asset.
   As you grow, creating, managing, and analyzing these accounts will consume
   more of your valuable time than it should. Centralizing all banking activity
   across your assets will help you more efficiently conduct transactions for a
   wide variety of purposes and give you greater oversight of each asset’s
   financial performance. Learn more about the importance of banking for CRE.
 * Distributions — If you fundraise, you’ll have investors that expect returns
   on their investments in you and your assets. Distribution management is a
   renowned pain for CRE investors. Strongly consider solutions that enable you
   to automate this important process as opposed to dealing with manual files
   and processes. More on that here.


GO DEEPER INTO MULTIFAMILY INVESTING WITH COVERCY

Remember to download your free copy of our guide to the best multifamily markets
for even more insights and recommendations. When you’re ready, reach out to
learn how our CRE investment management software solution will put you in a
strong position to achieve your goals with multifamily investing.

Book a demo with Covercy today.

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Covercy2024-08-07 12:45:242024-08-08 20:49:45The Best Multifamily Markets: A
4-Minute Guide

1 reply

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 1. 3 Resources for Multifamily Real Estate Investing - Covercy | Real Estate
    Investment Management Software says:
    January 25, 2023 at 6:01 pm
    
    […] Short on time? Get a 4-minute summary version here. […]


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