Five Attractive Markets for Multifamily Development

Here’s how development opportunities look in the metro areas with the lowest current apartment vacancy rates.

When apartment developers hunt for good markets to build in, they often start looking at metro areas that have few vacant apartments. Unfortunately, often a lot of other developers have already had the same idea.

Here’s how development opportunities look in the metro areas with the lowest current apartment vacancy rates, according to market analysts and economists from property management software provider RealPage, data firm Yardi Matrix and brokerage firm Marcus & Millichap.

The hottest submarkets in many of these cities are already overbuilt, while the rents may be too low in some of the more affordable neighborhoods to justify new construction. Developers keep returning to these areas, however, looking for opportunities others have overlooked.

 

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