Renters are the heart and soul of apartment investing. According to the recent Multifamily North American Investment Forecast by Marcus and Millichap, net migration will be highest in the south and southwest parts of the country. Net migration is the total number of people moving into an area minus the total number of people moving out. Ultimately, it’s a measurement of how well a market retains and attracts residents. For investors in real estate, this means an increased rental demand, fix and flips, wholesaling, house hacks and other real estate investment strategies. In this series, I’ll highlight 5 top markets with the greatest predicted net migration that every real estate investor should consider.
Phoenix
Phoenix led the nation in ten-year population growth with an increase of 234,301 residents since the 2010 census. The U.S. Census Bureau also documented it as being the second-fastest growing city in the U.S. when measured in terms of population percentage increase over the last 10 years. Lastly, Phoenix has a net migration forecast of 77,600
Dallas/Fort Worth
No surprise here! The Dallas/Fort Worth market has a 2020 forecasted net migration of 69,600. Dallas-Fort Worth leads all U.S. metropolitan areas as the largest net gainer with 246 people arriving daily, according to a Bloomberg analysis of 2017 Census data on migration for the nation’s 100 largest regions.
Southeast Florida
With a YTD total of 21.48 million Floridians estimated by the U.S. Census Bureau, the Sunshine State is already expected to see an increase in major areas of industry, commerce and clout in the coming years because of its growing population. Florida’s nearly 640-person-a-day growth during the past year was second only to Texas. Southeast Florida has a 2020 predicted net migration of 68,700.
Atlanta
Atlanta is a hot apartment investing market. It’s poised at number four, with a forecasted net migration of 55,400. As the nation’s fourth fastest-growing metro area, this highly sought-after destination trails behind Dallas/Fort Worth, Houston and Phoenix in terms of numeric growth. With a daily increase of 36 new Atlantians per day, experts estimate a 2.51% population growth annually.
Houston
Rounding out the top 5 markets is another Texas hotbed, Houston. The forecasted net migration is roughly 54,800. Houston checks a lot of boxes when it comes to livability; job growth, affordability, transportation, and diversity are key factors that keep an estimated 275 people moving to Houston every day and is expected to exceed 7.1 million residents this year.
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