Where the Deals Are: Top U.S. Multifamily Sales Markets

Dennis Lee
47 minutes ago
2 min read

Where do the biggest multifamily deals actually happen? And more importantly—what kinds of assets are trading hands? From Rust Belt bargains to Sunbelt momentum, the past five years of sales paint a telling picture of how investors are placing their bets.

🏢 U.S. Multifamily Sales Trends (Past 5 Years)

Key Takeaways:

🌆 Chicago, New York, Baltimore, and Philadelphia led the U.S. in multifamily sales transactions over the past five years.
🏚️ Rust Belt metros are dominated by Class D trades, reflecting a heavy concentration of aging building stock.
🌴 Sunbelt markets show stronger activity in Class B and C assets, highlighting more recent construction and mid-scale properties.
🌊 Coastal gateways (e.g., New York, Los Angeles, San Francisco) continue to see sales across multiple classes, including some exposure to Class A, offering opportunities for core investors.
💡 From an investment standpoint:
- 🔨 Value-add plays are most attractive in Rust Belt cities, where older stock dominates.
- 💵 Cash-flow stability is strongest in Sunbelt metros with more balanced building class distributions.

🔎 What the Data Shows

All 20 metros highlighted rank near the top nationally on renter demand. The key differentiator is how much supply pressure each market faces.

🟩 High Demand + Low Supply

Strong renter fundamentals with relatively limited new supply pipelines. These metros offer tighter conditions and stronger rent growth potential.

Amarillo (TX), Columbia (MO), Clarksville (TN-KY), Poughkeepsie (NY), Midland (TX)

⬜ Balanced

Demand remains healthy, but new supply is coming through at a measured pace. These metros tend to provide stability and steady absorption rather than extreme swings.

Salt Lake City (UT), Milwaukee (WI), Louisville (KY), Charlottesville (VA), Columbus (GA)

🟥 Watchlist (Supply Pressure)

Metros where new supply activity is heavier — whether through permitting, construction pipelines, or a high concentration of multifamily projects. Demand is still strong, but absorption and rent growth carry higher risk.