September 19, 2022

Top 10 Markets To Watch For Multifamily Housing in 2021

Outlook on real estate investment, development trends, & capital markets for multifamily real estate investing in 2021

Top 10 Markets To Watch For Multifamily Housing in 2021

Top 10 Markets To Watch For Multifamily Housing in 2021

Each year, PwC and the Urban Land Institute releases their annual Emerging Trends in Real Estate report. The report “Emerging Trends in Real Estate® 2021, undertaken jointly by PwC and the Urban Land Institute, provides an outlook on real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues through the United States and Canada.”

Surveys Conducted And Company Affiliations

ULI and PwC researchers personally interviewed 1,350 individuals, and survey responses were received from more than 1,600 individuals, whose company affiliations are broken down below:

  • Private property owner or commercial/multifamily real estate developer: 38%
  • Real estate advisory or service firm: 17%
  • Private-equity real estate investor: 12%
  • Investment manager/adviser: 11%
  • Bank and other lenders: 9%
  • Homebuilder or residential land developer: 7%
  • Equity REIT or publicly listed real estate property company:3%
  • Private REIT or nontraded real estate property company: 1%
  • Other entity: 2%

#1 Raleigh/Durham


According to the US Census Bureau, the Raleigh metro’s population increased from ~1.2 million in 2015 to ~1.5million today— with an average annual increase of roughly 2% or 29,000 people. Population forecasts predict that Raleigh’s residents will grow to ~600,000by 2030.

#2 Austin TX

Austin TX

The current metro area population of Austin in 2021 is 2,117,000, a 3.12% increase from 2020 it’s predicted between 3.6 million and 3.9 million people will live in the five-county metro area we call Central Texas by 2040.

#3 Nashville Tn

Nashville Tn

The metro area population of Nashville in 2020 was 1,249,000, a 2.04% increase from 2019. Davidson, Montgomery, Williamson, Rutherford, Sumner, and Wilson Counties are expected to grow by nearly 600,000 people over the next 20years with the highest concentration moving to Williamson, Rutherford, Davidson, and Montgomery Counties.

#4 Dallas/Fort Worth

Dallas/Fort Worth

The current metro area population of Dallas-Fort Worth in 2021 is 6,397,000, a 1.52% increase from 2020. From 2020 through 2029, DFW is projected to tack on another 1,393,623 residents, Cushman & Wakefield says. For the second decade in a row, that would be the highest number of new residents for any metro area, the company says.

#5 Charlotte NC

Charlotte NC

The current metro area population of Charlotte in 2021 is 2,132,000, a 3.8% increase from 2020. A Lawn Starter analysis of projections for North Carolina and South Carolina shows that the 2030 population of the 10-county Charlotte metro area will nudge toward 3 million, up nearly 24 percent from the 2014 headcount.

#6 Tampa & St. Petersburg

Tampa & St. Petersburg

The current metro area population of Tampa in 2021 is 2,911,000, a 1.18% increase from 2020. The population of the four-county metro area is projected to grow more than 20 percent from 2015 to 2030, with Pasco County leading the way but Hernando and Hillsborough counties nipping at its heels. During the 15-year period, population growth in Pinellas County is expected to be stagnant.

#7 Salt Lake City

Salt Lake City

The current metro area population of Salt Lake City in 2021 is 1,180,000, a 0.94% increase from 2020. The population of Utah is on the rise, and continues to be one of the fastest-growing states in the nation. The state’s population growth is up 15.5% for the year, ranking first in the US in cumulative growth, according to data from the U.S. Census Bureau

#8 Washington, DC Northern VA

Washington, DC Northern VA

The current metro area population of Washington DC in 2021 is 5,378,000, a 1.05% increase from 2020. According to the latest population estimates released by the Census Bureau, D.C.’s population grew by just 4,202 residents last year, which is only 37 percent of the average annual growth since 2010. Almost all of this net growth—91 percent—is due to natural growth, or the number of births minus the number of deaths.

#9 Boston


The current metro area population of Boston in 2021 is 4,315,000, a 0.14% increase from 2020.

#10 Long Island

Long Island

The current metro area population of Long Island in 2021 is 7,647,000.

Final Thoughts:

What type of markets should I look to invest in? Some of these markets should not have made the list.

Each market will be different when it comes to population, economy, etc. We as a group do not invest into some of these markets. I always say invest in markets you know very well, buy right. You can view the information source here. I encourage you to study this research. You will find great information.


Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.

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