Emerging multifamily markets across the US

This trend shows no signs of slowing down, with another 900,000 to 1.2 million units under construction, 510,000 of which are expected to be ready by the end of the year.

But where are these markets emerging across the USA? Let's explore some of the most promising regions for multifamily growth.

Omaha, Nebraska

• 2023 Units Created: 4,506
• Units Under Construction: 8,000

Omaha stands out with its low cost of living, which is 4% lower than the national average. The city boasts a lower-than-average unemployment rate and thriving sectors in tech, manufacturing, military, construction, retail, and hospitality.

Greenville, South Carolina

• 2023 Units Delivered: 3,646
• Units Underway: 6,563

Known as an “anchor city” in South Carolina, Greenville often makes top 10 destination lists in the Southeast USA. Its walkable city design and proximity to the Blue Ridge Mountains offers a balanced urban and natural environment. With a projected 40% job market growth over the next decade thanks to numerous Fortune 500 companies and tech firms relocating from costlier cities, Greenville is a market to watch.

Southwest Florida Coast

• 2023 Units Delivered: 5,463
• Units Underway: 16,166

This region includes Port Charlotte, Bonita Springs, Cape Coral, Fort Myers, Naples, and Sarasota. Known for beautiful white-sand beaches, lower taxes, and less crowded living, it's an attractive area for both retirees and young professionals.

Key Cities:

• Port Charlotte:: 14% lower cost of living than the rest of Florida and consistently ranked as the #1 place to retire.
• Bonita Springs: 45% lower crime rate than the national average and projected 46% job growth over the next decade.
• Cape Coral: 50% lower crime rate than the national average and ranked 12th best place to retire in the USA.
• Fort Myers: Ranked 2nd best place to retire in the USA and close to several top beaches.
• Naples: Ranked #1 best place for families in Florida and known for world-renowned golf courses.
• Sarasota: 3rd best place to live in Florida, known for its walkable city design and vibrant community events.

Wilmington, North Carolina

• 2023 Units Delivered: 1,071
• Units Underway: 3,956

Wilmington features a cost of living 4% lower than the national average and is the 7th best-performing city for economic success in the USA boasting a growing job market. It doesn’t stop there for renter appeal thanks to Wilmington’s long, hot summers perfect for hitting up the two-mile boardwalk along one of top riverfronts in the USA.

Eugene, Oregon

• 2023 Units Delivered: 923
• Units Underway: 4,004

Eugene is known as the Emerald City for its environmental consciousness and picturesque green landscape. It has a robust job market in education, healthcare, and public service, being home to the University of Oregon and several other colleges.

North Augusta, South Carolina

• 2023 Units Delivered: 1,847
• Units Underway: 2,579

North Augusta is the most affordable multifamily market among the top 10 emerging markets thanks to South Carolina's cost of living being 12% lower than the national average due to rent being 34% lower than anywhere else, cheaper gas prices, the lowest childcare costs in the country, and no tax on social security.

Chattanooga, Tennessee

• 2023 Units Delivered: 1,139
• Units Underway: 2,780

Chattanooga boasts a cost of living 10% lower than the national average, partially thanks to no state income tax. This is paired with a strong job market. Finally, with its beautiful landscapes and numerous festivals it's aptly nicknamed “The Scenic City”.

Winston-Salem – Greensboro, North Carolina

• 2023 Units Delivered: 2,903
• Units Underway: 4,549

This area is the second most affordable multifamily market among the top 10 emerging markets, with rents 26% cheaper than the national average and a cost of living 19% lower. On top of its affordable living, Winston-Salem – Greensboro offers a central location close to the Blue Ridge Mountains and major cities, making it highly attractive.

Knoxville, Tennessee

• 2023 Units Delivered: 517
• Units Underway: 5,613

Knoxville features a cost of living 15% lower than the national average, benefitting from no individual income tax. It’s also a hub of education and tourism thanks to its location as the home of the University of Tennessee and being in the heart of beautiful Appalachia.

Long Island, New York

• 2023 Units Delivered: 485
• Units Underway: 3,696

Home to over 8 million residents, Long Island boasts an impressive occupancy rate of 97%, resulting in twice the national average rents at approximately $2,300 making it the most expensive region among the top 10 emerging markets. Long Island is actively pursuing multifamily projects to alleviate these housing and cost pressures.

Multifamily solutions

Now that you have the location sorted, it’s time to begin thinking about creating the buildings that tenants are after.

Renters are actively looking for apartments that use smart multifamily technology to create sustainable and convenient living solutions, yet 83% of landlords don’t understand what tenants want!

With resources like our guides for Multifamily Solutions for Property Managers and Developers, the Benefits of a Single Apartment Solution, and How to Build a Smart Multifamily Building, you can stay up to date on what renters are looking for and create places that attract and retain quality tenants.