I’m interested in hearing peoples opinions on what they believe will be the top cities in the US for MF real estate 2, 5, 10, 20 years down the road.
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Nashville, Austin, or Atlanta would be my guesses. The south is a very underrated real estate market, lots of firms already based there and hopefully more to come. They are also in general just 3 rapidly growing cities, with a decent real estate market.
Agree on those markets, but I feel asset values in those areas (and across the country) were so inflated the last 2-3 years, hard to see owners making any money when/if they sell in the next 10yrs. Only way they have a successful exit imo is if interest rates drop down to where they were a year ago, which I personally find unlikely.
The amount of supply incoming in Austin will be interesting to watch. Think it would be hard to predict anything outperforming with what is set to be delivered in the next couple years.
The south is an underrated RE market!?!? Almost every shop in the country is either buying or building in the sunbelt.
No idea where you're getting underrated. Every Tom, dick, and Harry started an investment firm focused on SE multifamily. In fact it probably saw more inflows than any other region. Cap rates compressed heavily.
Pretty much every major city in Texas and states along sun belt. Also heard Nashville is doing well.
Nashville is an amazing city but has had a supply problem for years.
Anywhere not in the Sun Belt, Gulf Coast, or California. In other words, places with massive water scarcity or major weather event issues.
A lot of the answers below seem to be regurgitating "what were the biggest growth cities over the last 20 years," which is a safe answer but not necessarily a good one. I think some of the rust belt cities that have bounced slightly back (Pittsburgh, Cleveland) will do well. Pre-existing infrastructure, moderate political climates, moderate actual climates, not too expensive.
The pipeline in markets like Austin, Dallas, Orlando, etc. are going to slow rent growth and scare away investors from these areas for a while. There is also environmental issues that will slow development in certain areas in the south and west (water being rather scarce now, let alone in 10 years). I think we will see growth in the Midwest, mid-Atlantic, and inland states like Colorado. These places have job growth as people want to live in cheaper cities than NYC/Chicago/Miami/LA and companies will relocate offices to states that people want to live in. A great example of this was an article that recently came out saying JPM is expanding their presence in Columbus, OH and planning to have as many or more employees there than NYC. There is also infrastructure in these cities that can support growth unlike some areas that were developed too fast and is still catching up and slowing down investment.
Do people want to live in Columbus?
It's a LCOL city, plenty of young professionals/ college students, professional sports teams there and in nearby cities, and one of the fastest growing cities in the country. Is it sexy like Miami or LA? No. But I'd comp it to a place like Charlotte, NC in terms of appeal which is seen as a relatively attractive city to move to. If a company like JPM, Nationwide Insurance, IBM, and others want to expand their presence in that city it's clearly attractive to talent.
The most attractive midwest non-chicago city in my opinion
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