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Top 10 Small Markets: Multifamily Investment Opportunities in 2024



2024 marks the rise of SMALL markets in the real estate landscape! This year, the keyword dominating the #multifamily market is "OVERSUPPLY." In such a scenario, it becomes crucial to pinpoint markets characterized by stringent land regulations and limited supplies of new units. Identifying these markets is essential for successful multifamily acquisitions and development ventures.


However, it's important to recognize that a low and stable supply of units is only half of the equation. Without a corresponding growth in DEMAND, the potential of these markets remains untapped.


That's why we've meticulously curated a list of the top 10 markets that excel in both supply and demand metrics. These markets stand out for their combination of limited multifamily building permits issued in the past 6 months (Supply) and robust annual population growth over the past 3 years (Demand).



Two factors were combined in equal weight when being quantified to a score out of 100. Each market on this list has been carefully scored based on these factors, showcasing their potential for multifamily investments.


What's particularly intriguing is that many of these top-performing markets have populations under 1 million. Despite their smaller size, they boast stable economies, strong economic backgrounds, and promising growth potential, making them prime targets for savvy real estate investors looking to capitalize on emerging opportunities.



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