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60 up-and-coming real estate markets where rental investors & property managers can grow in 2023

Robin Young
Robin Young | 30 min. read

Published on December 12, 2022

Which real estate markets present the biggest growth opportunities for rental investors and property managers in 2023—and how do those locations change from year to year? Our annual list of up-and-coming real estate markets assesses thousands of data points on the fastest-growing rental markets in the country to tell you just that. Let’s dig into our findings for 2023.

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Up-and-Coming Real Estate Markets 2023: Our Overall Findings

We look at four major categories of information for hundreds of real estate markets: housing affordability and availability, economic and job market health, demographic growth, and overall investment appeal.

Our findings for 2023 echo last year’s in one major way: Sun Belt cities offer significant opportunities for renters, homebuyers, rental investors, and property managers. These popular secondary markets provide a high quality of living at a more affordable price point than many residents can find in primary markets.

Sun Belt cities represent two-thirds of our top 30 up-and-coming real estate markets list in 2023, with Florida and Texas alone representing one-third of the markets we selected. Popular Sun Belt markets such as Austin, TX; Raleigh, NC; Charlotte, NC; Dallas, TX; Tampa, FL; and Nashville, TN all retained their positions in the top 10; and we saw major jumps in standing among Tallahassee, FL; Deltona Beach, FL; and San Antonio, TX.

We also saw two significant departures from last year’s list begin to take shape. Cities such as Phoenix, AZ; Riverside, CA; Denver, CO; Cape Coral, FL; and Las Vegas, NV—some of the most popular (and potentially overheated) picks of the last few years—fell by double-digits, with many of those cities dropping into Tier II for the first time.

In contrast, cities that have remained relatively affordable rose up the ranks this year, particularly in the Midwest and South Central U.S. Those cities include Omaha and Lincoln, NE; Lexington and Louisville, KY; Des Moines, IA; Fayetteville, AR; Kansas City, MO; Huntsville, AL; and Sioux Falls, SD. In addition, Madison, WI and Knoxville, TN made it to the top 20.

Overall, our takeaway from our 2023 up-and-coming markets analysis is that these changes reflect the natural real estate cycle. Cities that have seen a swell in demand, investment, development, and, as a result, price growth in recent years are leveling off as less buzzy cities that have remained more affordable are beginning to attract more attention. 

That presents opportunities for rental investors and property managers to find higher cap rates and steady rent growth in new locations than in the past—particularly within the Midwest, South Central U.S., and small and mid-sized cities outside of major Sun Belt markets.

Here’s what you’ll find within this post:

Cheers to your growth in 2023!

Top Real Estate Markets in Each Category

Note: These rankings apply solely to the markets on our list.

Real Estate Markets with the Highest Cap Rates for Multifamily Properties in 2022

1. Des Moines, Iowa
2. Lincoln, Nebraska
3. Cincinnati, Ohio
4. Portland, Maine
5. Sioux Falls, SD (tie)
5. Oklahoma City, Oklahoma (tie)

Source: National Association of Realtors – capitalization rate for multifamily sales transactions executed in Q3-2022

Real Estate Markets Where Rents Have Risen the Most in 2022

1. Knoxville, Tennessee
2. Fayetteville, Arkansas
3. Miami, Florida
4. Tallahassee, Florida
5. Charleston, South Carolina

Source: National Association of Realtors – growth in asking rents for market-rate properties between Q3-2021 and Q3-2022

Real Estate Markets with the Lowest Rental Property Vacancy Rates in 2022

1. Providence, Rhode Island
2. Manchester, New Hampshire
3. Madison, Wisconsin
4. Portland, Maine
5. Knoxville, Tennessee (tie)
5. Lincoln, Nebraska (tie)

Source: National Association of Realtors – vacancy rates for multifamily properties in Q3-2022

Real Estate Markets with the Highest Population Growth in 2022

1. Boise, Idaho
2. Cape Coral, Florida
3. Austin, Texas
4. Deltona Beach, Florida
5. Raleigh, North Carolina (tie)
5. Fayetteville, Arkansas (tie)

Source: National Association of Realtors – annual population growth between 2021-2022

Real Estate Markets with the Highest Renter Household Formation Rates in 2022

1. Tallahassee, Florida
2. Orlando, Florida
3. Madison, Wisconsin
4. Sioux Falls, South Dakota
5. Austin, Texas

Source: National Association of Realtors renter household formation rate between 2021-2022

Tier 1: The Top 30 Up-and-Coming Real Estate Markets in 2023

Select your city to jump straight to that section:

Atlanta, GA | Austin, TX | Boise, ID | Charleston, SC | Charlotte, NC
Columbus, OH | Dallas, TX
Des Moines, IA | Fayetteville, AR
Houston, TX | Indianapolis, IN | Jacksonville, FL | Knoxville, TN
Lincoln, NE | Madison, WI | Miami, FL | Nashville, TN | Omaha, NE
Orlando, FL | Phoenix, AZ
Portland, ME | Raleigh, NC | Richmond, VA
Salt Lake City, UT | San Antonio, TX | San Diego, CA
San Jose, CA | Seattle, WA | Tallahassee, FL | Tampa, FL

Jump ahead to our Tier II picks

#1: Austin, TX

Austin, Texas | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Austin Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.9%
  • Asking rent growth (Q3-’22, YoY): 5.7%
  • Multifamily cap rate (Q3-’22): 4.3%
  • Population growth (2022, YoY): 2.3%
  • Change in position between 2022 and 2023: +2

Source: NAR Market Reports – Q3-2022

How the Austin Real Estate Market Stacks Up Against Other Metros

  • #1: Most in-demand real estate markets among investors for 2023
  • #1: Markets with the most employment growth projected for the next 5 years
  • #1: Highest-rated local economies in the U.S.
  • #1: Markets with high availability of debt & capital for investors in 2023
  • #1: Markets with the most population growth projected for the next 5 years
  • #1: Markets with the most household growth projected for the next 5 years
  • #4: Markets with the best real estate prospects in 2023
  • #4: Highest-rated job markets in the U.S. in 2022
  • #6: Markets with the most development opportunity in 2023
  • #6: Markets with a high level of investment in community infrastructure
  • #8: Fastest-growing markets in the U.S. in 2022
  • #8: Markets where renting is more affordable than owning a home
  • #9: Markets with the greatest economic growth in 2022
  • #10: Best cities to start a business in 2022
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#2: Raleigh & Durham, NC

Raleigh, North Carolina | 60 Up-and-Coming Real Estate Markets for 2023

Raleigh Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.2%
  • Asking rent growth (Q3-’22, YoY): 6.7%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 2.0%
  • Change in position between 2022 and 2023: +2

Source: NAR Market Reports – Q3-2022

How the Raleigh Real Estate Market Stacks Up Against Other Metros

  • #3: Markets with a high level of investment in community infrastructure
  • #4: Markets with the most development opportunity in 2023
  • #4: Highest-rated local economies in the U.S.
  • #5: Most in-demand real estate markets among investors for 2023
  • #5: Markets with the most household growth projected for the next 5 years
  • #6: Markets with the best real estate prospects for investors in 2023
  • #6: Markets with the most population growth projected for the next 5 years
  • #6: Highest-rated places to live in the U.S. in 2022
  • #7: Markets with the most employment growth in 2022
  • #7: Best cities to start a business in 2022
  • #8: Most well-run cities in the U.S.
  • #10: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#3: Charlotte, NC

Charlotte, NC | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Charlotte Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.4%
  • Asking rent growth (Q3-’22, YoY): 8.8%
  • Multifamily cap rate (Q3-’22): 4.3%
  • Population growth (2022, YoY): 1.2%
  • Change in position between 2022 and 2023: +21

Source: NAR Market Reports – Q3-2022

How the Charlotte Real Estate Market Stacks Up Against Other Metros

  • #4: Markets with a high level of investment in community infrastructure
  • #6: Most in-demand real estate markets among investors for 2023
  • #6: Highest-rated local economies in the U.S.
  • #6: Markets with the most population growth projected for the next 5 years
  • #7: Markets with the most employment growth in 2022
  • #8: Markets with the most development opportunity in 2023
  • #8: Markets with the most household growth projected for the next 5 years
  • #8: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #10: Markets with the best real estate prospects in 2023
  • #10: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#4: Dallas, TX

Dallas, Texas | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Dallas Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.2%
  • Asking rent growth (Q3-’22, YoY): 7.6%
  • Multifamily cap rate (Q3-’22): 4.6%
  • Population growth (2022, YoY): 1.3%
  • Change in position between 2022 and 2023: +5

Source: NAR Market Reports – Q3-2022

How the Dallas Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with the most development opportunity in 2023
  • #2: Markets with the best real estate prospects in 2023
  • #2: Markets with a high level of investment in community infrastructure
  • #2: Highest-rated local economies in the U.S.
  • #3: Most in-demand real estate markets among investors for 2023
  • #3: Markets with the most employment growth in 2022
  • #6: Markets with the most population growth projected for the next 5 years
  • #8: Markets with the most household growth projected for the next 5 years
  • #15: Best cities to start a business in 2022
  • #18: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#5: Jacksonville, FL

Jacksonville, Florida | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Jacksonville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 8.2%
  • Asking rent growth (Q3-’22, YoY): 4.6%
  • Multifamily cap rate (Q3-’22): 4.6%
  • Population growth (2022, YoY): 1.6%
  • Change in position between 2022 and 2023: +2

Source: NAR Market Reports – Q3-2022

How the Jacksonville Real Estate Market Stacks Up Against Other Metros

  • #5: Markets with the most employment growth projected for the next 5 years
  • #6: Best cities to start a business in 2022
  • #13: Markets with the most population growth projected for the next 5 years
  • #15: Markets with the most household growth projected for the next 5 years
  • #19: Markets with the greatest economic growth in 2022
  • #19: Markets with the most employment growth in 2022
  • #20: Highest-rated local economies in the U.S.
  • #20: Markets with the most population growth in 2022
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#6: Tampa, FL

Tampa, Florida | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Tampa Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.9%
  • Asking rent growth (Q3-’22, YoY): 6.3%
  • Multifamily cap rate (Q3-’22): 4.5%
  • Population growth (2022, YoY): 1.1%
  • Change in position between 2022 and 2023: -1

Source: NAR Market Reports – Q3-2022

How the Tampa Real Estate Market Stacks Up Against Other Metros

  • #2: Markets with the most development opportunity in 2023
  • #4: Most in-demand real estate markets among investors for 2023
  • #5: Markets with the best real estate prospects in 2023
  • #5: Highest-rated local economies in the U.S.
  • #5: Markets with a high level of investment in community infrastructure
  • #9: Best cities to start a business in 2022
  • #11: Fastest-growing markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#7: Madison, WI

Madison, Wisconsin | 50 Up-and-Coming Real Estate Markets to Watch in 2019 | Buildium

Madison Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 2.7%
  • Asking rent growth (Q3-’22, YoY): 6.1%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 0.2%
  • Change in position between 2022 and 2023: +36

Source: NAR Market Reports – Q3-2022

How the Madison Real Estate Market Stacks Up Against Other Metros

  • #9: Markets where multifamily units make up a high proportion of new construction
  • #14: Most well-run cities in the U.S.
  • #14: Best cities to start a business in 2022
  • #15: Highest-rated job markets in the U.S. in 2022
  • #17: Highest-rated places to live in the U.S. in 2022
  • #18: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#8: Nashville, TN

Nashville, TN | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Nashville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.8%
  • Asking rent growth (Q3-’22, YoY): 7.1%
  • Multifamily cap rate (Q3-’22): 4.5%
  • Population growth (2022, YoY): 0.9%
  • Change in position between 2022 and 2023: +5

Source: NAR Market Reports – Q3-2022

How the Nashville Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with the best real estate prospects in 2023
  • #1: Markets with a high level of investment in community infrastructure
  • #2: Most in-demand real estate markets among investors for 2023
  • #2: Markets with the most development opportunity in 2023
  • #3: Highest-rated local economies in the U.S.
  • #6: Markets with the most population growth projected for the next 5 years
  • #6: Markets with the most employment growth in 2022
  • #8: Markets with the most household growth projected for the next 5 years
  • #12: Best cities to start a business in 2022
  • #15: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#9: Salt Lake City, UT

Salt Lake City, Utah | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Salt Lake City Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.9%
  • Asking rent growth (Q3-’22, YoY): 8.7%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: -7

Source: NAR Market Reports – Q3-2022

How the Salt Lake City Real Estate Market Stacks Up Against Other Metros

  • #1: Highest-rated job markets in the U.S. in 2022
  • #6: Markets with the most population growth projected for the next 5 years
  • #6: Markets with the most employment growth projected for the next 5 years
  • #6: Markets where renting is more affordable than owning a home
  • #7: Markets with a high level of investment in community infrastructure
  • #8: Markets with the most household growth projected for the next 5 years
  • #8: Markets with the lowest unemployment rates in 2022
  • #17: Markets with the most development opportunity in 2023
  • #18: Most in-demand real estate markets among investors for 2023
  • #19: Markets with the best real estate prospects in 2023
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#10: Boise, ID

Boise, Idaho | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Boise Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.5%
  • Asking rent growth (Q3-’22, YoY): 5.1%
  • Multifamily cap rate (Q3-’22): 4.0%
  • Population growth (2022, YoY): 3.3%
  • Change in position between 2022 and 2023: -9

Source: NAR Market Reports – Q3-2022

How the Boise Real Estate Market Stacks Up Against Other Metros

  • #1: Most well-run cities in the U.S.
  • #2: Markets with the most population growth projected for the next 5 years
  • #2: Markets with a strong supply of affordable and available rentals
  • #3: Markets with the most population growth in 2022
  • #3: Markets with the most employment growth projected for the next 5 years
  • #3: Markets with the most household growth projected for the next 5 years
  • #3: Markets where renting is more affordable than owning a home
  • #4: Best cities to start a business in 2022
  • #10: Highest-rated job markets in the U.S. in 2022
  • #10: Markets with an affordable cost of doing business
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#11: Orlando, FL

Orlando, Florida | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Orlando Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.2%
  • Asking rent growth (Q3-’22, YoY): 9.4%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 0.5%
  • Change in position between 2022 and 2023: +10

Source: NAR Market Reports – Q3-2022

How the Orlando Real Estate Market Stacks Up Against Other Metros

  • #1: Best cities to start a business in 2022
  • #2: Markets with the most employment growth projected for the next 5 years
  • #4: Markets with the most population growth projected for the next 5 years
  • #5: Highest-rated job markets in the U.S. in 2022
  • #6: Markets with the most household growth projected for the next 5 years
  • #7: Fastest-growing markets in the U.S. in 2022
  • #9: Most in-demand real estate markets among investors for 2023
  • #10: Markets with the most development opportunity in 2023
  • #10: Markets with a high level of investment in community infrastructure
  • #13: Markets with the best real estate prospects in 2023
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#12: San Antonio, TX

San Antonio, Texas | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

San Antonio Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.7%
  • Asking rent growth (Q3-’22, YoY): 5.3%
  • Multifamily cap rate (Q3-’22): 5.0%
  • Population growth (2022, YoY): 1.4%
  • Change in position between 2022 and 2023: +14

Source: NAR Market Reports – Q3-2022

How the San Antonio Real Estate Market Stacks Up Against Other Metros

  • #6: Markets with the most population growth projected for the next 5 years
  • #7: Markets with the most development opportunity in 2023
  • #8: Markets with the most household growth projected for the next 5 years
  • #10: Markets with the most employment growth projected for the next 5 years
  • #12: Markets with the best real estate prospects in 2023
  • #12: Markets with a high level of investment in community infrastructure
  • #15: Highest-rated local economies in the U.S.
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#13: Charleston, SC

Charleston, South Carolina | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Charleston Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.4%
  • Asking rent growth (Q3-’22, YoY): 10.1%
  • Multifamily cap rate (Q3-’22): 4.3%
  • Population growth (2022, YoY): 1.3%
  • Change in position between 2022 and 2023: +5

Source: NAR Market Reports – Q3-2022

How the Charleston Real Estate Market Stacks Up Against Other Metros

  • #4: Markets with the most employment growth in 2022
  • #6: Markets with the most household growth projected for the next 5 years
  • #7: Highest-rated local economies in the U.S.
  • #11: Highest-rated job markets in the U.S. in 2022
  • #12: Markets where rents increased the most in 2022
  • #12: Most well-run cities in the U.S.
  • #12: Markets with a high level of investment in community infrastructure
  • #13: Most in-demand real estate markets among investors for 2023
  • #14: Markets with the most population growth projected for the next 5 years
  • #15: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#14: Knoxville, Tennessee

Knoxville, Tennessee | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Knoxville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 3.0%
  • Asking rent growth (Q3-’22, YoY): 11.8%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 1.3%
  • Change in position between 2022 and 2023: -4

Source: NAR Market Reports – Q3-2022

How the Knoxville Real Estate Market Stacks Up Against Other Metros

  • #3: Markets where rents increased the most in 2022
  • #3: Markets with an affordable cost of doing business
  • #5: Markets with a strong supply of affordable and available rentals
  • #14: Markets with the most employment growth in 2022
  • #18: Markets with a high level of investment in community infrastructure
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#15: Des Moines, IA

Des Moines, IA | 60 Up-and-Coming Real Estate Markets for 2023

Des Moines Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.5%
  • Asking rent growth (Q3-’22, YoY): 4.7%
  • Multifamily cap rate (Q3-’22): 6.7%
  • Population growth (2022, YoY): 1.2%
  • Change in position between 2022 and 2023: +29

Source: NAR Market Reports – Q3-2022

How the Des Moines Real Estate Market Stacks Up Against Other Metros

  • #5: Markets with the greatest economic growth in 2022
  • #7: Markets with the most household growth projected for the next 5 years
  • #12: Highest-rated job markets in the U.S. in 2022
  • #14: Highest-rated places to live in the U.S. in 2022
  • #17: Markets with an affordable cost of doing business
  • #18: Markets with the most population growth projected for the next 5 years
  • #18: Markets with the most employment growth projected for the next 5 years
  • #18: Markets with the lowest unemployment rates in 2022
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#16: Miami, FL

Miami, Florida | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Miami Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.3%
  • Asking rent growth (Q3-’22, YoY): 10.7%
  • Multifamily cap rate (Q3-’22): 4.4%
  • Population growth (2022, YoY): -0.6%
  • Change in position between 2022 and 2023: +7

Source: NAR Market Reports – Q3-2022

How the Miami Real Estate Market Stacks Up Against Other Metros

  • #2: Best cities to start a business in 2022
  • #5: Markets with the most development opportunity in 2023
  • #5: Fastest-growing markets in the U.S. in 2022
  • #6: Markets where rents increased the most in 2022
  • #7: Markets with the best real estate prospects for investors in 2023
  • #8: Most in-demand real estate markets among investors for 2023
  • #10: Highest-rated local economies in the U.S.
  • #10: Markets with the most employment growth in 2022
  • #10: Markets with a high level of investment in community infrastructure
  • #11: Markets where multifamily units make up a high proportion of new construction
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#17: Omaha, NE

Omaha, Nebraska | 60 Up-and-Coming Real Estate Markets for 2023

Omaha Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.1%
  • Asking rent growth (Q3-’22, YoY): 7.2%
  • Multifamily cap rate (Q3-’22): 6.0%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: +25

Source: NAR Market Reports – Q3-2022

How the Omaha Real Estate Market Stacks Up Against Other Metros

  • #14: Markets with the lowest unemployment rates in 2022
  • #23: Markets with an affordable cost of doing business
  • #23: Best cities to start a business in 2022
  • #25: Markets with a strong supply of affordable and available rentals
  • #29: Highest-rated places to live in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#18: Atlanta, GA

Atlanta, Georgia | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Atlanta Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.6%
  • Asking rent growth (Q3-’22, YoY): 3.7%
  • Multifamily cap rate (Q3-’22): 4.5%
  • Population growth (2022, YoY): 0.7%
  • Change in position between 2022 and 2023: -7

Source: NAR Market Reports – Q3-2022

How the Atlanta Real Estate Market Stacks Up Against Other Metros

  • #3: Markets with the best real estate prospects for investors in 2023
  • #4: Fastest-growing markets in the U.S. in 2022
  • #10: Markets with the most development opportunity in 2023
  • #10: Markets with the most employment growth in 2022
  • #11: Most in-demand real estate markets among investors for 2023
  • #12: Highest-rated local economies in the U.S.
  • #14: Markets with the most population growth projected for the next 5 years
  • #16: Best cities to start a business in 2022
  • #17: Highest-rated job markets in the U.S. in 2022
  • #17: Markets with a high level of investment in community infrastructure
  • Check out the Methodology section for details on each of these rankings.

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#19: Tallahassee, FL

Tallahassee, Florida | 100 Up-and-Coming Real Estate Markets to Watch in 2020 | Buildium

Tallahassee Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.1%
  • Asking rent growth (Q3-’22, YoY): 10.1%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: +37

Source: NAR Market Reports – Q3-2022

How the Tallahassee Real Estate Market Stacks Up Against Other Metros

  • #5: Markets with a strong supply of affordable and available rentals
  • #9: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #12: Markets where rents increased the most in 2022
  • #15: Markets with a high proportion of residents who rent their homes
  • #18: Markets with an affordable cost of doing business
  • Check out the Methodology section for details on each of these rankings.

Return to the list

#20: San Jose, CA

San Jose, California | 60 Up-and-Coming Real Estate Markets for 2023

San Jose Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.9%
  • Asking rent growth (Q3-’22, YoY): 7.2%
  • Multifamily cap rate (Q3-’22): 3.4%
  • Population growth (2022, YoY): -2.2%
  • Change in position between 2022 and 2023: +48

Source: NAR Market Reports – Q3-2022

How the San Jose Real Estate Market Stacks Up Against Other Metros

  • #1: Markets where renting is more affordable than owning a home
  • #1: Markets with the greatest economic growth in 2022
  • #5: Highest-rated places to live in the U.S. in 2022
  • #7: Highest-rated job markets in the U.S. in 2022
  • #13: Markets with a high proportion of residents who rent their homes
  • #14: Markets with the lowest unemployment rates in 2022
  • #18: Markets with the most employment growth in 2022
  • #19: Markets where multifamily units make up a high proportion of new construction
  • Check out the Methodology section for details on each of these rankings.

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#21: Seattle, WA

Seattle, Washington | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Seattle Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.6%
  • Asking rent growth (Q3-’22, YoY): 5.0%
  • Multifamily cap rate (Q3-’22): 3.9%
  • Population growth (2022, YoY): -0.3%
  • Change in position between 2022 and 2023: +8

Source: NAR Market Reports – Q3-2022

How the Seattle Real Estate Market Stacks Up Against Other Metros

  • #3: Fastest-growing markets in the U.S. in 2022
  • #6: Highest-rated job markets in the U.S. in 2022
  • #10: Markets where renting is more affordable than owning a home
  • #15: Markets where multifamily units make up a high proportion of new construction
  • #17: Markets with the best real estate prospects for investors in 2023
  • #19: Markets with the greatest economic growth in 2022
  • #20: Most in-demand real estate markets among investors for 2023
  • Check out the Methodology section for details on each of these rankings.

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#22: San Diego, CA

San Diego, CA | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

San Diego Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 3.2%
  • Asking rent growth (Q3-’22, YoY): 8.1%
  • Multifamily cap rate (Q3-’22): 3.8%
  • Population growth (2022, YoY): -0.3%
  • Change in position between 2022 and 2023: -3

Source: NAR Market Reports – Q3-2022

How the San Diego Real Estate Market Stacks Up Against Other Metros

  • #4: Markets where renting is more affordable than owning a home
  • #9: Markets with a high proportion of residents who rent their homes
  • #11: Markets with the best real estate prospects for investors in 2023
  • #16: Most in-demand real estate markets among investors for 2023
  • #19: Highest-rated local economies in the U.S.
  • #20: Markets where multifamily units make up a high proportion of new construction
  • Check out the Methodology section for details on each of these rankings.

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#23: Portland, ME

Portland, Maine | 100 Up-and-Coming Real Estate Markets to Watch in 2020 | Buildium

Portland, ME Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 2.8%
  • Asking rent growth (Q3-’22, YoY): 7.1%
  • Multifamily cap rate (Q3-’22): 6.3%
  • Population growth (2022, YoY): 0.9%
  • Change in position between 2022 and 2023: +15

Source: NAR Market Reports – Q3-2022

How the Portland, ME Real Estate Market Stacks Up Against Other Metros

  • #2: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #3: Highest-rated job markets in the U.S. in 2022
  • #8: Highest-rated places to live in the U.S. in 2022
  • #9: Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022
  • #24: Markets with the lowest vacancy rates in 2022
  • #25: Most well-run cities in the U.S.
  • Check out the Methodology section for details on each of these rankings.

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#24: Phoenix, AZ

Phoenix, Arizona | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Phoenix Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 8.3%
  • Asking rent growth (Q3-’22, YoY): 2.8%
  • Multifamily cap rate (Q3-’22): 3.9%
  • Population growth (2022, YoY): 1.6%
  • Change in position between 2022 and 2023: -20

Source: NAR Market Reports – Q3-2022

How the Phoenix Real Estate Market Stacks Up Against Other Metros

  • #4: Markets with the most household growth projected for the next 5 years
  • #5: Markets with the most population growth projected for the next 5 years
  • #6: Markets with the most employment growth projected for the next 5 years
  • #9: Markets with the best real estate prospects in 2023
  • #17: Highest-rated local economies in the U.S.
  • #17: Fastest-growing markets in the U.S. in 2022
  • #18: Markets where renting is more affordable than owning a home
  • #19: Most in-demand real estate markets among investors for 2023
  • #19: Most well-run cities in the U.S.
  • #20: Markets with the most population growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#25: Fayetteville, AR

Fayetteville, Arkansas | 60 Up-and-Coming Real Estate Markets for 2023

Fayetteville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 3.9%
  • Asking rent growth (Q3-’22, YoY): 11.0%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 2.0%
  • Change in position between 2022 and 2023: +42

Source: NAR Market Reports – Q3-2022

How the Fayetteville Real Estate Market Stacks Up Against Other Metros

  • #5: Markets where rents increased the most in 2022
  • #7: Markets with the greatest economic growth in 2022
  • #7: Highest-rated places to live in the U.S. in 2022
  • #19: Fastest-growing markets in the U.S. in 2022
  • #22: Markets with the most employment growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#26: Columbus, OH

Columbus, Ohio | 100 Up-and-Coming Real Estate Markets to Watch in 2020 | Buildium

Columbus Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.6%
  • Asking rent growth (Q3-’22, YoY): 6.8%
  • Multifamily cap rate (Q3-’22): 5.8%
  • Population growth (2022, YoY): 0.5%
  • Change in position between 2022 and 2023: +10

Source: NAR Market Reports – Q3-2022

How the Columbus Real Estate Market Stacks Up Against Other Metros

  • #11: Markets with an affordable cost of doing business
  • #12: Highest-rated local economies in the U.S.
  • #17: Markets with a strong supply of affordable and available rentals
  • #20: Best cities to start a business in 2022
  • #21: Most in-demand real estate markets among investors for 2023
  • Check out the Methodology section for details on each of these rankings.

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#27: Richmond, VA

Richmond, Virginia | 100 Up-and-Coming Real Estate Markets to Watch in 2020 | Buildium

Richmond Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.5%
  • Asking rent growth (Q3-’22, YoY): 6.7%
  • Multifamily cap rate (Q3-’22): 5.1%
  • Population growth (2022, YoY): 0.6%
  • Change in position between 2022 and 2023: +6

Source: NAR Market Reports – Q3-2022

How the Richmond Real Estate Market Stacks Up Against Other Metros

  • #15: Markets with an affordable cost of doing business
  • #28: Markets where multifamily units make up a high proportion of new construction
  • #29: Markets with the most development opportunity in 2023
  • #29: Markets with the most employment growth projected for the next 5 years
  • #29: Markets with a strong supply of affordable and available rentals
  • Check out the Methodology section for details on each of these rankings.

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#28: Indianapolis, IN

Indianapolis, Indiana | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Indianapolis Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.1%
  • Asking rent growth (Q3-’22, YoY): 9.1%
  • Multifamily cap rate (Q3-’22): 5.6%
  • Population growth (2022, YoY): 0.6%
  • Change in position between 2022 and 2023: 0

Source: NAR Market Reports – Q3-2022

How the Indianapolis Real Estate Market Stacks Up Against Other Metros

  • #12: Markets with the lowest unemployment rates in 2022
  • #13: Markets with an affordable cost of doing business
  • #15: Markets with a strong supply of affordable and available rentals
  • #18: Markets with the most population growth projected for the next 5 years
  • #19: Markets with the most household growth projected for the next 5 years
  • #19: Markets where rents increased the most in 2022
  • Check out the Methodology section for details on each of these rankings.

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#29: Lincoln, NE

Lincoln, Nebraska | 100 Up-and-Coming Real Estate Markets to Watch in 2020

Lincoln Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 3.0%
  • Asking rent growth (Q3-’22, YoY): 7.0%
  • Multifamily cap rate (Q3-’22): 6.6%
  • Population growth (2022, YoY): 0.5%
  • Change in position between 2022 and 2023: +44

Source: NAR Market Reports – Q3-2022

How the Lincoln Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #4: Most well-run cities in the U.S.
  • #8: Markets with the lowest unemployment rates in 2022
  • #19: Best cities to start a business in 2022
  • #26: Markets with the greatest economic growth in 2022
  • #27: Markets with the lowest vacancy rates in 2022
  • #28: Highest-rated places to live in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#30: Houston, TX

Houston, Texas | 60 Up-and-Coming Real Estate Markets to Watch in 2022 | Buildium

Houston Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 8.4%
  • Asking rent growth (Q3-’22, YoY): 4.4%
  • Multifamily cap rate (Q3-’22): 5.2%
  • Population growth (2022, YoY): 1.0%
  • Change in position between 2022 and 2023: -5

Source: NAR Market Reports – Q3-2022

How the Houston Real Estate Market Stacks Up Against Other Metros

  • #5: Markets with the most employment growth in 2022
  • #6: Markets with the most population growth projected for the next 5 years
  • #8: Markets with the most household growth projected for the next 5 years
  • #12: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #14: Markets with the best real estate prospects in 2023
  • #16: Markets with the most development opportunity in 2023
  • #18: Markets with the most employment growth projected for the next 5 years
  • #20: Markets with a high level of investment in community infrastructure
  • Check out the Methodology section for details on each of these rankings.

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Tier II: 30 More Up-and-Coming Real Estate Markets to Watch in 2023

Select your city to jump straight to that section:

Cape Coral, FL | Chattanooga, TN | Cincinnati, OH | Colorado Springs, CO
Deltona Beach, FL | Denver, CO
Fort Collins, CO | Gainesville, FL
Grand Rapids, MI | Greenville, SC |  Huntsville, AL |
Jersey City, NJ
Kansas City, MO | Las Vegas, NV | Lexington, KY
| Louisville, KY
Manchester, NH
Minneapolis, MN |
Oakland, CA | Oklahoma City, OK
Portland, OR | Providence, RI | Reno, NV | Riverside, CA
Sacramento, CA | Sioux Falls, SD | Spokane, WA | Tacoma, WA
Tucson, AZVirginia Beach, VA

Jump back to our Tier I picks

#31: Denver, CO

Denver Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.6%
  • Asking rent growth (Q3-’22, YoY): 5.1%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 0.1%
  • Change in position between 2022 and 2023: -17

Source: NAR Market Reports – Q3-2022

How the Denver Real Estate Market Stacks Up Against Other Metros

  • #5: Best cities to start a business in 2022
  • #6: Fastest-growing markets in the U.S. in 2022
  • #14: Most in-demand real estate markets among investors for 2023
  • #14: Markets where renting is more affordable than owning a home
  • #14: Markets with a high level of investment in community infrastructure
  • #15: Highest-rated local economies in the U.S.
  • #16: Markets with the best real estate prospects in 2023
  • #17: Markets with the most household growth projected for the next 5 years
  • #18: Markets with the most development opportunity in 2023
  • #18: Markets with the most population growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#32: Riverside, CA

Riverside Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.0%
  • Asking rent growth (Q3-’22, YoY): 5.4%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 1.0%
  • Change in position between 2022 and 2023: -24

Source: NAR Market Reports – Q3-2022

How the Riverside Real Estate Market Stacks Up Against Other Metros

  • #3: Markets with the most employment growth projected for the next 5 years
  • #9: Markets with the most employment growth in 2022
  • #14: Markets where renting is more affordable than owning a home
  • #19: Markets with the most household growth projected for the next 5 years
  • #23: Most in-demand real estate markets among investors for 2023
  • #23: Markets with the most population growth projected for the next 5 years
  • #26: Markets with the best real estate prospects in 2023
  • #26: Markets with high availability of debt & capital for investors in 2023
  • Check out the Methodology section for details on each of these rankings.

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#33: Kansas City, MO

Kansas City Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.7%
  • Asking rent growth (Q3-’22, YoY): 7.3%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: +15

Source: NAR Market Reports – Q3-2022

How the Kansas City Real Estate Market Stacks Up Against Other Metros

  • #14: Markets with the most development opportunity in 2023
  • #14: Markets with the lowest unemployment rates in 2022
  • #15: Markets with a high level of investment in community infrastructure
  • #20: Markets with an affordable cost of doing business
  • #22: Markets with high availability of debt & capital for investors in 2023
  • #25: Markets with a strong supply of affordable and available rentals
  • #29: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#34: Huntsville, AL

Huntsville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 11.1%
  • Asking rent growth (Q3-’22, YoY): 4.7%
  • Multifamily cap rate (Q3-’22): 4.6%
  • Population growth (2022, YoY): 1.8%
  • Change in position between 2022 and 2023: +23

Source: NAR Market Reports – Q3-2022

How the Huntsville Real Estate Market Stacks Up Against Other Metros

  • #1: Highest-rated places to live in the U.S. in 2022
  • #8: Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022
  • #12: Markets with the lowest unemployment rates in 2022
  • #13: Highest-rated job markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#35: Virginia Beach, VA

Virginia Beach Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.7%
  • Asking rent growth (Q3-’22, YoY): 6.1%
  • Multifamily cap rate (Q3-’22): 5.2%
  • Population growth (2022, YoY): 0.2%
  • Change in position between 2022 and 2023: +11

Source: NAR Market Reports – Q3-2022

How the Virginia Beach Real Estate Market Stacks Up Against Other Metros

  • #7: Most well-run cities in the U.S.
  • #14: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #19: Markets with an affordable cost of doing business
  • #24: Highest-rated job markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#36: Deltona Beach, FL

Deltona Beach Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.1%
  • Asking rent growth (Q3-’22, YoY): 8.9%
  • Multifamily cap rate (Q3-’22): 5.0%
  • Population growth (2022, YoY): 2.2%
  • Change in position between 2022 and 2023: +14

Source: NAR Market Reports – Q3-2022

How the Deltona Beach Real Estate Market Stacks Up Against Other Metros

  • #8: Markets with the most household growth projected for the next 5 years
  • #13: Markets with the most population growth in 2022
  • #14: Markets with the most population growth projected for the next 5 years
  • #18: Fastest-growing markets in the U.S. in 2022
  • #22: Markets where rents increased the most in 2022
  • #24: Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022
  • #26: Markets with the greatest economic growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#37: Portland, OR

Portland, OR Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.6%
  • Asking rent growth (Q3-’22, YoY): 5.6%
  • Multifamily cap rate (Q3-’22): 4.3%
  • Population growth (2022, YoY): -0.2%
  • Change in position between 2022 and 2023: -7

Source: NAR Market Reports – Q3-2022

How the Portland, OR Real Estate Market Stacks Up Against Other Metros

  • #13: Markets where renting is more affordable than owning a home
  • #16: Markets with the most employment growth in 2022
  • #22: Highest-rated places to live in the U.S. in 2022
  • #26: Fastest-growing markets in the U.S. in 2022
  • #27: Markets with the most household growth projected for the next 5 years
  • #28: Highest-rated job markets in the U.S. in 2022
  • #29: Best cities to start a business in 2022
  • Check out the Methodology section for details on each of these rankings.

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#38: Cape Coral, FL

Cape Coral Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.9%
  • Asking rent growth (Q3-’22, YoY): 8.3%
  • Multifamily cap rate (Q3-’22): 4.5%
  • Population growth (2022, YoY): 3.0%
  • Change in position between 2022 and 2023: -16

Source: NAR Market Reports – Q3-2022

How the Cape Coral Real Estate Market Stacks Up Against Other Metros

  • #1: Fastest-growing markets in the U.S. in 2022
  • #2: Markets with the most household growth projected for the next 5 years
  • #3: Markets with the most population growth projected for the next 5 years
  • #5: Markets with the most population growth in 2022
  • #6: Markets with the most employment growth projected for the next 5 years
  • #19: Markets with the most development opportunity in 2023
  • Check out the Methodology section for details on each of these rankings.

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#39: Lexington, KY

Lexington Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.7%
  • Asking rent growth (Q3-’22, YoY): 7.6%
  • Multifamily cap rate (Q3-’22): 5.8%
  • Population growth (2022, YoY): 0.2%
  • Change in position between 2022 and 2023: +44

Source: NAR Market Reports – Q3-2022

How the Lexington Real Estate Market Stacks Up Against Other Metros

  • #3: Most well-run cities in the U.S.
  • #21: Markets with a high proportion of residents who rent their homes
  • #22: Markets with high levels of inmigration and low levels of outmigration in 2022
  • #25: Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022
  • Check out the Methodology section for details on each of these rankings.

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#40: Sioux Falls, SD

Sioux Falls Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.4%
  • Asking rent growth (Q3-’22, YoY): 7.3%
  • Multifamily cap rate (Q3-’22): 6.3%
  • Population growth (2022, YoY): 1.6%
  • Change in position between 2022 and 2023: +98

Source: NAR Market Reports – Q3-2022

How the Sioux Falls Real Estate Market Stacks Up Against Other Metros

  • #4: Markets with the lowest unemployment rates in 2022
  • #9: Most well-run cities in the U.S.
  • #20: Markets with the most population growth in 2022
  • #23: Markets with the most employment growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#41: Fort Collins, CO

Fort Collins Rental Market Statistics

  • Change in position between 2022 and 2023: +25
  • Note: Fort Collins rental market statistics were not available from NAR for 2022

How the Fort Collins Real Estate Market Stacks Up Against Other Metros

  • #10: Fastest-growing markets in the U.S. in 2022
  • #27: Highest-rated job markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#42: Louisville, KY

Louisville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.1%
  • Asking rent growth (Q3-’22, YoY): 6.8%
  • Multifamily cap rate (Q3-’22): 5.6%
  • Population growth (2022, YoY): 0%
  • Change in position between 2022 and 2023: +16

Source: NAR Market Reports – Q3-2022

How the Louisville Real Estate Market Stacks Up Against Other Metros

  • #2: Markets with a strong supply of affordable and available rentals
  • #5: Markets with an affordable cost of doing business
  • #17: Most well-run cities in the U.S.
  • #25: Best cities to start a business in 2022
  • Check out the Methodology section for details on each of these rankings.

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#43: Las Vegas, NV

Las Vegas Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.7%
  • Asking rent growth (Q3-’22, YoY): 2.9%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 0.8%
  • Change in position between 2022 and 2023: -27

Source: NAR Market Reports – Q3-2022

How the Las Vegas Real Estate Market Stacks Up Against Other Metros

  • #6: Markets with the most employment growth projected for the next 5 years
  • #10: Markets with a high proportion of residents who rent their homes
  • #14: Markets with the most population growth projected for the next 5 years
  • #15: Markets with the most household growth projected for the next 5 years
  • #17: Markets where renting is more affordable than owning a home
  • #19: Markets with the most employment growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#44: Providence, RI

Providence Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 2.1%
  • Asking rent growth (Q3-’22, YoY): 6.3%
  • Multifamily cap rate (Q3-’22): 6.0%
  • Population growth (2022, YoY): 0%
  • Change in position between 2022 and 2023: +5

Source: NAR Market Reports – Q3-2022

How the Providence Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with the lowest unemployment rates in 2022
  • #5: Markets with the lowest vacancy rates in 2022
  • #16: Markets where renting is more affordable than owning a home
  • Check out the Methodology section for details on each of these rankings.

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#45: Oklahoma City, OK

Oklahoma City Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 8.4%
  • Asking rent growth (Q3-’22, YoY): 5.1%
  • Multifamily cap rate (Q3-’22): 6.3%
  • Population growth (2022, YoY): 0.9%
  • Change in position between 2022 and 2023: -5

Source: NAR Market Reports – Q3-2022

How the Oklahoma City Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with a strong supply of affordable and available rentals
  • #5: Most well-run cities in the U.S.
  • #7: Markets with an affordable cost of doing business
  • #18: Best cities to start a business in 2022
  • #26: Markets with the most population growth projected for the next 5 years
  • #27: Markets with the most household growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#46: Chattanooga, TN

Chattanooga, TN Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.6%
  • Asking rent growth (Q3-’22, YoY): 7.4%
  • Multifamily cap rate (Q3-’22): 5.1%
  • Population growth (2022, YoY): 0.7%
  • Change in position between 2022 and 2023: -12

Source: NAR Market Reports – Q3-2022

How the Chattanooga Real Estate Market Stacks Up Against Other Metros

  • #1: Markets with an affordable cost of doing business
  • #5: Markets with a strong supply of affordable and available rentals
  • #29: Markets where renting is more affordable than owning a home
  • Check out the Methodology section for details on each of these rankings.

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#47: Cincinnati, OH

Cincinnati Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.7%
  • Asking rent growth (Q3-’22, YoY): 8.6%
  • Multifamily cap rate (Q3-’22): 6.5%
  • Population growth (2022, YoY): 0.1%
  • Change in position between 2022 and 2023: -12

Source: NAR Market Reports – Q3-2022

How the Cincinnati Real Estate Market Stacks Up Against Other Metros

  • #9: Markets with an affordable cost of doing business
  • #13: Markets with a strong supply of affordable and available rentals
  • #27: Markets where rents increased the most in 2022
  • Check out the Methodology section for details on each of these rankings.

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#48: Minneapolis, MN

Minneapolis Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 6.4%
  • Asking rent growth (Q3-’22, YoY): 2.6%
  • Multifamily cap rate (Q3-’22): 5.2%
  • Population growth (2022, YoY): -0.1%
  • Change in position between 2022 and 2023: 0 (Minneapolis wasn’t included last year due to uncertainty about its pending rent control policies)

Source: NAR Market Reports – Q3-2022

How the Minneapolis Real Estate Market Stacks Up Against Other Metros

  • #8: Markets with the lowest unemployment rates in 2022
  • #14: Highest-rated job markets in the U.S. in 2022
  • #24: Markets where multifamily units make up a high proportion of new construction
  • #27: Highest-rated places to live in the U.S. in 2022
  • #29: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#49: Gainesville, FL

Gainesville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.8%
  • Asking rent growth (Q3-’22, YoY): 8.3%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 0.6%
  • Change in position between 2022 and 2023: +7

Source: NAR Market Reports – Q3-2022

How the Gainesville Real Estate Market Stacks Up Against Other Metros

  • #7: Markets with the greatest economic growth in 2022
  • #17: Markets with a strong supply of affordable and available rentals
  • #17: Markets with a high proportion of residents who rent their homes
  • #19: Markets with the most household growth projected for the next 5 years
  • #23: Markets with an affordable cost of doing business
  • #26: Markets with the lowest unemployment rates in 2022
  • Check out the Methodology section for details on each of these rankings.

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#50: Manchester & Nashua, New Hampshire

Manchester Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 2.4%
  • Asking rent growth (Q3-’22, YoY): 7.2%
  • Multifamily cap rate (Q3-’22): 5.4%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: -23

Source: NAR Market Reports – Q3-2022

How the Manchester Real Estate Market Stacks Up Against Other Metros

  • #11: Most well-run cities in the U.S.
  • #17: Markets with the lowest vacancy rates in 2022
  • #18: Markets with the greatest economic growth in 2022
  • #18: Markets with the lowest unemployment rates in 2022
  • Check out the Methodology section for details on each of these rankings.

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#51: Colorado Springs, CO

Colorado Springs Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 8.3%
  • Asking rent growth (Q3-’22, YoY): 4.9%
  • Multifamily cap rate (Q3-’22): 4.4%
  • Population growth (2022, YoY): 0.8%
  • Change in position between 2022 and 2023: -10

Source: NAR Market Reports – Q3-2022

How the Colorado Springs Real Estate Market Stacks Up Against Other Metros

  • #2: Highest-rated places to live in the U.S. in 2022
  • #8: Best cities to start a business in 2022
  • #16: Markets with the greatest economic growth in 2022
  • #26: Most well-run cities in the U.S.
  • Check out the Methodology section for details on each of these rankings.

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#52: Spokane, WA

Spokane Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 4.9%
  • Asking rent growth (Q3-’22, YoY): 3.3%
  • Multifamily cap rate (Q3-’22): 5.0%
  • Population growth (2022, YoY): 1.1%
  • Change in position between 2022 and 2023: -37

Source: NAR Market Reports – Q3-2022

How the Spokane Real Estate Market Stacks Up Against Other Metros

  • #2: Markets where renting is more affordable than owning a home
  • #2: Markets where multifamily units make up a high proportion of new construction
  • #5: Markets with a strong supply of affordable and available rentals
  • #16: Highest-rated job markets in the U.S. in 2022
  • #18: Markets with the most population growth projected for the next 5 years
  • #19: Markets with the most household growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#53: Tucson, AZ

Tucson Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.1%
  • Asking rent growth (Q3-’22, YoY): 5.5%
  • Multifamily cap rate (Q3-’22): 4.9%
  • Population growth (2022, YoY): 0.6%
  • Change in position between 2022 and 2023: -41

Source: NAR Market Reports – Q3-2022

How the Tucson Real Estate Market Stacks Up Against Other Metros

  • #5: Markets with a strong supply of affordable and available rentals
  • #15: Markets with an affordable cost of doing business
  • #18: Most well-run cities in the U.S.
  • #21: Markets where renting is more affordable than owning a home
  • #26: Markets with the most population growth projected for the next 5 years
  • #27: Markets with the most household growth projected for the next 5 years
  • #29: Markets with the most employment growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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#54: Sacramento, CA

Sacramento Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.1%
  • Asking rent growth (Q3-’22, YoY): 2.4%
  • Multifamily cap rate (Q3-’22): 4.2%
  • Population growth (2022, YoY): 0.5%
  • Change in position between 2022 and 2023: -37

Source: NAR Market Reports – Q3-2022

How the Sacramento Real Estate Market Stacks Up Against Other Metros

  • #10: Markets where renting is more affordable than owning a home
  • #10: Markets where multifamily units make up a high proportion of new construction
  • #15: Markets with the most employment growth projected for the next 5 years
  • #26: Markets with the most population growth projected for the next 5 years
  • #27: Fastest-growing markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#55: Grand Rapids, MI

Grand Rapids Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 3.1%
  • Asking rent growth (Q3-’22, YoY): 8.1%
  • Multifamily cap rate (Q3-’22): 5.5%
  • Population growth (2022, YoY): 0.3%
  • Change in position between 2022 and 2023: -18

Source: NAR Market Reports – Q3-2022

How the Grand Rapids Real Estate Market Stacks Up Against Other Metros

  • #16: Highest-rated places to live in the U.S. in 2022
  • #22: Most well-run cities in the U.S.
  • #29: Markets with the lowest vacancy rates in 2022
  • Check out the Methodology section for details on each of these rankings.

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#56: Reno, NV

Reno Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 7.8%
  • Asking rent growth (Q3-’22, YoY): 1.3%
  • Multifamily cap rate (Q3-’22): 4.3%
  • Population growth (2022, YoY): 1.2%
  • Change in position between 2022 and 2023: -9

Source: NAR Market Reports – Q3-2022

How the Reno Real Estate Market Stacks Up Against Other Metros

  • #9: Fastest-growing markets in the U.S. in 2022
  • #13: Markets with the greatest economic growth in 2022
  • #13: Best cities to start a business in 2022
  • #26: Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022
  • #28: Most well-run cities in the U.S.
  • #29: Highest-rated job markets in the U.S. in 2022
  • Check out the Methodology section for details on each of these rankings.

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#57: Greenville, SC

Greenville Rental Market Statistics

  • Multifamily vacancy rate (Q3-’22): 5.9%
  • Asking rent growth (Q3-’22, YoY): 9.3%
  • Multifamily cap rate (Q3-’22): 4.8%
  • Population growth (2022, YoY): 1.1%
  • Change in position between 2022 and 2023: -12

Source: NAR Market Reports – Q3-2022

How the Greenville Real Estate Market Stacks Up Against Other Metros

  • #6: Markets with an affordable cost of doing business
  • #13: Markets with a strong supply of affordable and available rentals
  • #16: Markets where rents increased the most in 2022
  • #23: Highest-rated local economies in the U.S.
  • #28: Most in-demand real estate markets among investors for 2023
  • Check out the Methodology section for details on each of these rankings.

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#58: Jersey City, NJ

Jersey City Rental Market Statistics

  • Change in position between 2022 and 2023: +21 (Jersey City was grouped with Newark last year)
  • Note: Jersey City rental market statistics were not available from NAR for 2022

How the Jersey City Real Estate Market Stacks Up Against Other Metros

  • #3: Markets with a high proportion of residents who rent their homes
  • #8: Markets with the lowest vacancy rates in 2022
  • #23: Markets with the most employment growth in 2022
  • Check out the Methodology section for details on each of these rankings.

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#59: Oakland, CA

Oakland Rental Market Statistics

  • Change in position between 2022 and 2023: 0 (Oakland was grouped with San Francisco last year)
  • Note: Oakland rental market statistics were not available from NAR for 2022

How the Oakland Real Estate Market Stacks Up Against Other Metros

  • #11: Markets with a high proportion of residents who rent their homes
  • #13: Fastest-growing markets in the U.S. in 2022
  • #18: Markets with the most employment growth projected for the next 5 years
  • #27: Best cities to start a business in 2022
  • Check out the Methodology section for details on each of these rankings.

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#60: Tacoma, Washington

Tacoma Rental Market Statistics

  • Change in position between 2022 and 2023: 0 (Tacoma was grouped with Seattle last year)
  • Note: Tacoma rental market statistics were not available from NAR for 2022

How the Tacoma Real Estate Market Stacks Up Against Other Metros

  • #10: Markets where renting is more affordable than owning a home
  • #10: Markets where multifamily units make up a high proportion of new construction
  • #14: Fastest-growing markets in the U.S. in 2022
  • #19: Markets with the greatest economic growth in 2022
  • #20: Highest-rated job markets in the U.S. in 2022
  • #26: Markets with the most employment growth projected for the next 5 years
  • #26: Markets with the most household growth projected for the next 5 years
  • #26: Markets with the most population growth projected for the next 5 years
  • Check out the Methodology section for details on each of these rankings.

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Methodology: How Do We Calculate Our Ranking of Up-and-Coming Real Estate Markets?

Industry Indicators

Measures of opportunity for investors and property managers:

Housing Indicators

Measures of housing affordability, availability, and development:

  • Markets with the largest increase in asking rents over the last year (the rates advertised for vacant units), as measured by the National Association of Realtors
  • Markets with the lowest multifamily vacancy rates over the last year, as measured by the National Association of Realtors
  • Markets where multifamily units make up a high proportion of new construction, as calculated by PwC & the Urban Land Institute
  • Markets with a strong supply of affordable and available rentals for households making 80% of the area median income, as calculated by PwC & the Urban Land Institute
  • Markets where renting is more affordable than owning a home, driving demand for rentals, as calculated by PwC & the Urban Land Institute
  • Markets with a high proportion of residents who rent their homes, indicating strong demand for rentals, as calculated by PwC & the Urban Land Institute
  • Markets that present the best value for buyers versus markets where properties run the risk of being overpriced, as calculated by Florida Atlantic University
  • Markets where housing permit creation is keeping up with household formation as well as employment growth—indicating where housing availability is balanced with demand—as calculated by PwC & the Urban Land Institute

Economic and Job Market Indicators

Measures of job creation and opportunity, employment, wage growth, productivity, and cost of doing business:

  • Markets with the most employment growth projected for the next 5 years, as measured by PwC & the Urban Land Institute
  • Highest-rated job markets and best cities for jobs in the U.S. in 2022 based on average salaries, unemployment rates, employment growth, and other factors calculated by WalletHub and U.S. News
  • Most well-run cities in the U.S. in 2022, as calculated by WalletHub based on their budget per capita as well as measures of financial stability and economic health, safety, infrastructure, and the quality of their educational and healthcare systems
  • Markets with an affordable cost of doing business, making it easier for small businesses to get off the ground and find success, as calculated by PwC & the Urban Land Institute
  • Markets with a high level of investment in community infrastructure from both public and private sources—helping their economies grow and attract more workers, residents, and investors—as measured by PwC & the Urban Land Institute
  • Best cities to start a business in 2022 based on the business environment, cost of doing business, and access to resources, as calculated by WalletHub
  • Highest-rated local economies in the U.S. based on industry experts’ ratings of their local markets’ economic health, as measured by PwC & the Urban Land Institute
  • Markets with the most economic growth projected for the next 5 years—as measured by their gross metropolitan product, which indicates that a city’s economy is growing based on the annual output of its metro area—reported by PwC & the Urban Land Institute
  • Markets with the greatest economic growth in 2022, measured by their gross domestic product and reported by the National Association of Realtors
  • Markets with the most employment growth in 2022, as measured by the National Association of Realtors
  • Markets with high levels of incoming businesses and low levels of outgoing businesses in 2022, as measured by the National Association of Realtors

Demographic Indicators

Measures of population growth and household formation:

  • Markets with the most population growth in 2022, as measured by the National Association of Realtors
  • Markets with the most population growth and household formation projected for the next 5 years, indicating continued growth in housing demand and the local economy, as measured by PwC & the Urban Land Institute
  • Markets with high levels of inmigration and low levels of outmigration in 2022, as measured by U.S. News and the National Association of Realtors
  • Fastest-growing cities in the U.S. in 2022 on demographic and economic measures, as calculated by WalletHub
  • The highest-rated places to live in the U.S. in 2022, based on analyses of housing affordability, quality of life, desirability, migration, and job market quality performed by U.S. News each year

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Read more on Industry Intel
Robin Young

As Buildium’s Senior Researcher, Robin leverages her background in social science research and interest in real estate economics to identify trends in the rental market. She combines intensive market research with insights gleaned from surveys of property managers, renters, and rental owners to examine topics like shifting renter demographics, the housing affordability crisis, and the transformation of property management during the pandemic. She's best known as the author of the annual State of the Property Management Industry Report.

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