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Writer's pictureJarom A Pratt

The Top 10 Best Places to Invest in Multifamily Real Estate in 2024



EagleCap’s Favorite Prospective Multifamily Markets

Highest Population Growth: Raleigh, North Carolina (2.39%)

Highest Job Growth: Cincinnati, Ohio (6.2%)

Lowest Rent to Household Income Ratio: Boise, Idaho (28.00%)

Highest Rent Growth: Louisville, Kentucky (2.50%)

Best Median One-Bed Rent: Oklahoma City, Oklahoma ($1,260)


When it comes to multifamily real estate investing, selecting the right market is one of the most critical decisions you can make. The location of your investment can significantly impact your property's performance, influencing everything from cash flow to appreciation. In this article, we’ll explore the top 10 best places to invest in multifamily real estate as of Q3 2024, helping you identify markets that offer the greatest growth potential and strong returns.


Which states are the best to buy apartment buildings?

Deciding on which market to invest in is an important step. We must evaluate each market in terms of factors such as population, job, and rent growth, as well as the rent-to-household income ratio and median one-bedroom rent. To conduct a proper analysis, we must evaluate each in comparison with one another. 


Additional metrics to consider now would be proximity to home, travel costs, existing network connections, and major market advantages. Check out our article on how to buy apartment buildings to get more specifics on getting started. Let’s take a look at 10 potential markets and see how well each fares in comparison with the others. We will explore each of these “10 best places to invest in multifamily real estate” in-depth, so be sure to read to the end.




10 Best Places to Invest in Multifamily Real Estate


  1. Cincinnati, Ohio


    Cincinnati Ohio from a bakery looking at the skyline

Topping the list is Cincinnati, Ohio, due to its significant job growth from multiple billion-dollar companies investing in the city. Large corporations such as Intel, Google, Honda, and Amazon have moved into Cincinnati in recent years, sparking population and job growth that is expected to continue for the next decade. Additionally, with Ohio State University’s campus nearby, opportunities for student housing have been booming.


Population Growth: 0.68%

Job Growth: 6.20%

Rent to Household Income Ratio: 28.60%

Rent Growth: 2.1%

Median One-Bed Rent: $1,074



  1. Boise, Idaho


    Boise Idaho mountains

While most people think of potatoes when they think of Idaho, the state actually has much more to offer. High job growth, combined with one of the lowest rent-to-household income ratios, positions Boise as an excellent location for multifamily investors. With new jobs emerging in Boise’s surrounding areas like Star, Meridian, and Eagle, people need places to live, and renting is a quick, easy, and economical choice.


Population Growth: 1.28%

Job Growth: 4.00%

Rent to Household Income Ratio: 28.00%

Rent Growth: 2.30%

Median One-Bed Rent: $1,390



  1. Oklahoma City, Oklahoma


    Oklahoma City Oklahoma skyline of the city

Known as “Energy HQ,” for its strong oil, gas, and solar energy sector, Oklahoma City’s economy continues to diversify with growth in aerospace, healthcare, and technology. Oklahoma City combines a laid-back lifestyle with big-city amenities, making it a magnet for those seeking a balance between work and quality of life. People are drawn here for the manageable cost of living, wide-open spaces, and a strong sense of community, which also make it an appealing place for multifamily investors looking for steady, long-term returns.


Population Growth: 0.88%

Job Growth: 1.80%

Rent to Household Income Ratio: 28.50%

Rent Growth: 2.10%

Median One-Bed Rent: $1,260



  1. Louisville, Kentucky


    Skyline of Louisville Kentucky

Louisville blends Southern charm with a vibrant urban core, drawing people in with its rich cultural scene, including the famous Kentucky Derby, a thriving culinary landscape, and a burgeoning arts community. Though job growth is modest, Louisville tops our list with 2.50% rent growth, signaling a healthy rental market. Multifamily investors will find a diverse range of tenants here, from students at the University of Louisville to professionals working in healthcare and logistics, two of the city’s biggest industries.


Population Growth: 0.90%

Job Growth: 0.80%

Rent to Household Income Ratio: 29.30%

Rent Growth: 2.50%

Median One-Bed Rent: $1,145



  1. Houston, Texas


    NRG stadium in Houston Texas

Thanks to its booming energy sector, world-class medical facilities, and rapidly expanding tech industry, Houston is a powerhouse of economic growth. The city is currently one of the most steadily growing markets in the U.S.; however, this is accompanied by a higher rent-to-income ratio of 30.90% and a median rent of $1,876. While Houston’s cost of living may be on the higher side, rents continue to rise steadily, driven by the city's dynamic blend of cultural diversity and a robust economy.


Population Growth: 1.42%

Job Growth: 2.80%

Rent to Household Income Ratio: 30.90%

Rent Growth: 1.00%

Median One-Bed Rent: $1,876



  1. Fayetteville, North Carolina


    Fort liberty, formerly Fort Bragg in Fayetteville North Carolina, home of rapper J Cole

As home to Fort Liberty, one of the largest military bases in the country, Fayetteville’s population is a mix of military personnel and civilians, creating a stable demand for rental properties. The city’s population growth is steady, with a median one-bedroom rent of just $890, making it the most affordable place to live on our list. For investors, Fayetteville’s stable rental market and affordable property prices offer a great entry point into multifamily investing.


Population Growth: 0.85%

Job Growth: 1.50%

Rent to Household Income Ratio: 30.00%

Rent Growth: 1.40%

Median One-Bed Rent: $890



  1. Provo-Orem, Utah


    Y mountain in Provo Utah just above BYU campus

Nestled against the Wasatch Mountains, Provo-Orem is a hotspot for outdoor enthusiasts and families alike. With an impressive population growth of 2.26%, the area is booming due to its proximity to Silicon Slopes, Utah Valley University, and Brigham Young University. Although rent growth has dipped recently alongside rising property prices, it remains a popular location for both renters and investors. Multifamily properties here cater to a tech-savvy population of young adults and families seeking affordable, high-quality housing with easy access to outdoor recreation.


Population Growth: 2.26%

Job Growth: 1.40%

Rent to Household Income Ratio: 28.60%

Rent Growth: -2.90%

Median One-Bed Rent: $1,209



  1. Raleigh, North Carolina


    Raleigh North Carolina

Raleigh is consistently ranked as one of the best places to live in the U.S., and for good reason. The city boasts an enviable blend of booming tech and research industries, renowned universities, and a rich cultural scene, all contributing to its 2.39% population growth and 2.50% job growth. While recent large declines in rent may catch attention, Raleigh’s long-term potential continues to attract multifamily investors eager to tap into a city known for innovation and steady economic development.


Population Growth: 2.39%

Job Growth: 2.50%

Rent to Household Income Ratio: 29.60%

Rent Growth: -3.10%

Median One-Bed Rent: $1,590



  1. Las Vegas, Nevada


    Welcome to Las Vegas sign

Casinos, slot machines, and fancy restaurants—what else comes to mind when you think of Las Vegas? For me, it's often not just the Strip but the surrounding areas that have steadily driven increases in population and jobs, bolstering the multifamily investing market. Las Vegas is powered by booming industries in entertainment, tech, and healthcare; and while rents have slightly decreased, the city still presents a lucrative opportunity for multifamily investors.


Population Growth: 1.86%

Job Growth: 2.30%

Rent to Household Income Ratio: 33.60%

Rent Growth: -0.10%

Median One-Bed Rent: $1,576



  1. Austin, Texas


    Paddleboarders just outside the skyline of Austin Texas

Often referred to as “Silicon Hills” due to its rapidly growing tech sector, Austin epitomizes Texas’ tech boom. With a population growth of 2.06% and job growth of 2.30%, the city continues to thrive, driving the median one-bedroom rent to $2,736 and indicating the recent significant declines in rent growth. However, once the market cools down in a few years, Austin will offer multifamily investors the chance to invest in one of the hottest real estate markets in the country, where long-term appreciation remains a strong prospect.


Population Growth: 2.06%

Job Growth: 2.3%

Rent to Household Income Ratio: 29.40%

Rent Growth: -4.00%

Median One-Bed Rent: $2,736



As you can see, there is no “one size fits all” approach to finding a place to buy multifamily properties. If there were, everyone would jump on it, causing the market to explode and then crash—much like what happened in Tennessee a few years ago, which we can discuss later. For now, evaluate your favorite cities and states against additional metrics such as proximity to home, travel costs, existing network connections, and major market advantages; then read our article on how to buy apartment buildings to get started.

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