U.S. secondary markets see record multifamily investment
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In 2016, secondary markets including Austin, Denver, Phoenix, Portland, and Tampa experienced a 16-year high in multifamily investment, driven by strong job and population growth. The total multifamily investment across these markets saw an 8.2% increase over 2015, surpassing the national average in investment growth. These cities are now top targets for investors due to favorable demographics and economic conditions.
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U.S. secondary markets see record multifamily investment
- 1. Austin Denver Phœnix Portland Tampa Second to none:Secondary markets see record multifamily investment Led by the West, secondary markets saw a 16-year high in multifamily investment during 2016. A combination of strong job and population growth, as well as above average household formations made markets such as Austin, Denver, Phoenix, Portland and Tampa top targets for multifamily investment. Average secondary market investment growth versus national average Total multifamily investment sales AustinTotal multifamily investment sales Austin 2016 Total multifamily investment sales 2016 2010-present Population growth 2010-present Job growth Average population growth versus national average* Average job growth versus national average* Total investment into secondary market multifamily product in 2016, 8.2 percent increase over 2015. 8.2 4.3vs. 10.1 4.2vs. 16.5 11.1vs. $52.7 United States billion $3.4billion $6.5billion $5.0billion $2.7billion $2.7billion 16.6% 10.7% 9.1% 7.3% 6.9% 4.2% 23.8% 17.2% 14.8% 13.8% 14.1% 11.1% us.jll.com/research/multifamily *Above averages are based on JLL data for Austin, Denver, Phoenix, Portland and Tampa from 2010-2016. % % %