60 up-and-coming real estate markets where rental investors & property managers can grow in 2024

Robin Young
Robin Young | 30 min. read

Published on December 1, 2023

In years past, our annual list of up-and-coming real estate markets has been dominated by Sun Belt cities such as Austin, Raleigh, Charlotte, and Nashville.

That’s about to change.

Record numbers of apartments have come online in many of our top real estate market picks from previous years, causing rent growth to slow and vacancy rates to rise.

In response, we’re looking toward smaller cities in new regions for a combination of growth and affordability heading into the new year.

Where are 2024’s up-and-coming real estate markets located? In the Midwest, Mid-Atlantic, New England, and South Central regions of the U.S.

Frequently mentioned states in this year’s list include Pennsylvania, Wisconsin, Ohio, and Michigan.

How Do We Identify Up-and-Coming Real Estate Markets?

So, how did we arrive at these results?

First, we examined tried-and-true lists of top-performing and emerging real estate markets from the Wall Street Journal, Realtor.com, PricewaterhouseCoopers, the Urban Land Institute, and U.S. News.

Second, we dove into thousands of data points from the National Association of Realtors to analyze every rental market across the country on measures of rent growth, occupancy, property price appreciation, population growth, and more.

With that said, here’s what you’ll find in this post:

Cheers to your growth in 2024!

Best Real Estate Markets in Each Category

Dive into data-backed insights for the best real estate markets when it comes to cap rates, rent growth, vacancy rates, and home price appreciation.

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

Rental Markets with the Most Rent Growth in 2023

Rental Markets with the Most Rent Growth in 2023

Source: National Association of Realtors – asking rent growth in market-rate multifamily units between Q2-2022 and Q2-2023

Rental Markets with the Lowest Vacancy Rates in 2023

Rental Markets with the Lowest Vacancy Rates in 2023

Source: National Association of Realtors – multifamily vacancy rate as of Q2-2023

Rental Markets with the Highest Cap Rates in 2023

Rental Markets with the Highest Cap Rates in 2023

Source: National Association of Realtors – cap rate in market-rate multifamily units as of Q2-2023

Real Estate Markets with the Most Home Price Growth in 2023

Real Estate Markets with the Most Home Price Growth in 2023

Source: National Association of Realtors median home price appreciation between Q2-2022 and Q2-2023

Top 60 Up-and-Coming Real Estate Markets 2024

#1: Fayetteville, AR

Fayetteville-Springdale-Rogers, AR Metro Area Population: 576,724

Fayetteville, AR Rental Market Statistics:

Rental Inventory (Q2-‘23): 39,250
Units Added Since Q2-‘22: +1,663
Asking Rent Growth Since Q2-‘22: 4.6%
Asking Rent (Q2-‘23): $1,038
Effective Rent (Q2-‘23): $1,032
Multifamily Vacancy Rate (Q2-‘23): 5.5%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Fayetteville, AR Housing Market Statistics:

Median Home Price (Q2-‘23): $356,000
Home Price Appreciation Since Q2-‘22: 16%

Source: National Association of Realtors

Lists That Mention Fayetteville, AR:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #163
Best Places to Live – 2023-2024 (U.S. News): #10
Fastest-Growing Real Estate Markets – 2023-2024 (U.S. News): #15

#2: Fargo, ND

Fargo, ND-MN Metro Area Population: 258,663

Fargo, ND Rental Market Statistics:

Rental Inventory (Q2-‘23): 37,281
Units Added Since Q2-‘22: +394
Asking Rent Growth Since Q2-‘22: 5.6%
Asking Rent (Q2-‘23): $979
Effective Rent (Q2-‘23): $975
Multifamily Vacancy Rate (Q2-‘23): 5.2%
Multifamily Cap Rate (Q2-‘23): 8.1%

Source: National Association of Realtors

Fargo, ND Housing Market Statistics:

Median Home Price (Q2-‘23): $300,800
Home Price Appreciation Since Q2-‘22: 3.9%

Source: National Association of Realtors

Lists That Mention Fargo, ND:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #253

#3: Knoxville, TN

Knoxville, TN Metro Area Population: 906,674

Knoxville, TN Rental Market Statistics:

Rental Inventory (Q2-‘23): 41,571
Units Added Since Q2-‘22: +624
Asking Rent Growth Since Q2-‘22: 6.3%
Asking Rent (Q2-‘23): $1,376
Effective Rent (Q2-‘23): $1,370
Multifamily Vacancy Rate (Q2-‘23): 4.8%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Knoxville, TN Housing Market Statistics:

Median Home Price (Q2-‘23): $342,400
Home Price Appreciation Since Q2-‘22: 1.9%

Source: National Association of Realtors

Lists That Mention Knoxville, TN:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #61
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #18
Best Places to Live – 2023-2024 (U.S. News): #21
Fastest-Growing Real Estate Markets – 2023-2024 (U.S. News): #16
Top-Rated Cities for Multifamily Investment 2024 (PwC/ULI): #4

#4: Sioux Falls, SD

Sioux Falls, SD Metro Area Population: 289,295

Sioux Falls, SD Rental Market Statistics:

Rental Inventory (Q2-‘23): 26,191
Units Added Since Q2-‘22: +1,028
Asking Rent Growth Since Q2-‘22: 1.8%
Asking Rent (Q2-‘23): $1,077
Effective Rent (Q2-‘23): $1,067
Multifamily Vacancy Rate (Q2-‘23): 11.1%
Multifamily Cap Rate (Q2-‘23): 6.8%

Source: National Association of Realtors

Sioux Falls, SD Housing Market Statistics:

Median Home Price (Q2-‘23): $341,400
Home Price Appreciation Since Q2-‘22: 4.7%

Source: National Association of Realtors

Lists That Mention Sioux Falls, SD:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #197

#5: Youngstown, OH

Youngstown-Warren-Boardman, OH-PA Metro Area Population: 535,499

Youngstown, OH Rental Market Statistics:

Rental Inventory (Q2-‘23): 17,998
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.3%
Asking Rent (Q2-‘23): $782
Effective Rent (Q2-‘23): $780
Multifamily Vacancy Rate (Q2-‘23): 5.0%
Multifamily Cap Rate (Q2-‘23): 9.0%

Source: National Association of Realtors

Youngstown, OH Housing Market Statistics:

Median Home Price (Q2-‘23): $157,300
Home Price Appreciation Since Q2-‘22: 9.8%

Source: National Association of Realtors

Lists That Mention Youngstown, OH:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #82
Best Places to Live – 2023-2024 (U.S. News): #62

#6: Lincoln, NE

Lincoln, NE Metro Area Population: 341,229

Lincoln, NE Rental Market Statistics:

Rental Inventory (Q2-‘23): 30,705
Units Added Since Q2-‘22: +293
Asking Rent Growth Since Q2-‘22: 6.1%
Asking Rent (Q2-‘23): $1,110
Effective Rent (Q2-‘23): $1,104
Multifamily Vacancy Rate (Q2-‘23): 4.5%
Multifamily Cap Rate (Q2-‘23): 7.1%

Source: National Association of Realtors

Lincoln, NE Housing Market Statistics:

Median Home Price (Q2-‘23): $292,700
Home Price Appreciation Since Q2-‘22: 4.2%

Source: National Association of Realtors

Lists That Mention Lincoln, NE:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #138
Best Places to Live – 2023-2024 (U.S. News): #32

#7: Manchester, NH

Manchester-Nashua, NH Metro Area Population: 426,594

Manchester, NH Rental Market Statistics:

Rental Inventory (Q2-‘23): 22,514
Units Added Since Q2-‘22: +90
Asking Rent Growth Since Q2-‘22: 2.8%
Asking Rent (Q2-‘23): $1,919
Effective Rent (Q2-‘23): $1,913
Multifamily Vacancy Rate (Q2-‘23): 3.0%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Manchester, NH Housing Market Statistics:

Median Home Price (Q2-‘23): $489,500
Home Price Appreciation Since Q2-‘22: 0.8%

Source: National Association of Realtors

Lists That Mention Manchester, NH:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #7
Best Places to Live – 2023-2024 (U.S. News): #51

#8: Fort Wayne, IN

Fort Wayne, IN Metro Area Population: 426,076

Fort Wayne, IN Rental Market Statistics:

Rental Inventory (Q2-‘23): 23,502
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 0.2%
Asking Rent (Q2-‘23): $1,004
Effective Rent (Q2-‘23): $999
Multifamily Vacancy Rate (Q2-‘23): 5.7%
Multifamily Cap Rate (Q2-‘23): 6.6%

Source: National Association of Realtors

Fort Wayne, IN Housing Market Statistics:

Median Home Price (Q2-‘23): $236,600
Home Price Appreciation Since Q2-‘22: 5.9%

Source: National Association of Realtors

Lists That Mention Fort Wayne, IN:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #4
Best Places to Live – 2023-2024 (U.S. News): #33

#9: Columbia, MO

Columbia, MO Metro Area Population: 214,749

Columbia, MO Rental Market Statistics:

Rental Inventory (Q2-‘23): 11,416
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 6.8%
Asking Rent (Q2-‘23): $1,007
Effective Rent (Q2-‘23): $1,003
Multifamily Vacancy Rate (Q2-‘23): 2.7%
Multifamily Cap Rate (Q2-‘23): 7.7%

Source: National Association of Realtors

Columbia, MO Housing Market Statistics:

Median Home Price (Q2-‘23): $310,100
Home Price Appreciation Since Q2-‘22: 2.0%

Source: National Association of Realtors

Lists That Mention Columbia, MO:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #53

#10: Ann Arbor, MI

Ann Arbor, MI Metro Area Population: 366,376

Ann Arbor, MI Rental Market Statistics:

Rental Inventory (Q2-‘23): 30,978
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 4.4%
Asking Rent (Q2-‘23): $1,508
Effective Rent (Q2-‘23): $1,498
Multifamily Vacancy Rate (Q2-‘23): 4.9%
Multifamily Cap Rate (Q2-‘23): 6.1%

Source: National Association of Realtors

Ann Arbor, MI Housing Market Statistics:

Median Home Price (Q2-‘23): $428,500
Home Price Appreciation Since Q2-‘22: 4.8%

Source: National Association of Realtors

Lists That Mention Ann Arbor, MI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #56
Best Places to Live – 2023-2024 (U.S. News): #14

#11: Trenton, NJ

Trenton-Princeton, NJ Metro Area Population: 380,688

Trenton, NJ Rental Market Statistics:

Rental Inventory (Q2-‘23): 20,247
Units Added Since Q2-‘22: +820
Asking Rent Growth Since Q2-‘22: 6.6%
Asking Rent (Q2-‘23): $2,038
Effective Rent (Q2-‘23): $2,031
Multifamily Vacancy Rate (Q2-‘23): 2.3%
Multifamily Cap Rate (Q2-‘23): 5.0%

Source: National Association of Realtors

Trenton, NJ Housing Market Statistics:

Median Home Price (Q2-‘23): $409,400
Home Price Appreciation Since Q2-‘22: 10.5%

Source: National Association of Realtors

Lists That Mention Trenton, NJ:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #38
Best Places to Live – 2023-2024 (U.S. News): #71

#12: Green Bay, WI

Green Bay, WI Metro Area Population: 330,292

Green Bay, WI Rental Market Statistics:

Rental Inventory (Q2-‘23): 21,429
Units Added Since Q2-‘22: +88
Asking Rent Growth Since Q2-‘22: 5.5%
Asking Rent (Q2-‘23): $1,010
Effective Rent (Q2-‘23): $1,006
Multifamily Vacancy Rate (Q2-‘23): 2.6%
Multifamily Cap Rate (Q2-‘23): 7.7%

Source: National Association of Realtors

Green Bay, WI Housing Market Statistics:

Median Home Price (Q2-‘23): $296,400
Home Price Appreciation Since Q2-‘22: 10.9%

Source: National Association of Realtors

Lists That Mention Green Bay, WI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #143
Best Places to Live – 2023-2024 (U.S. News): #1

#13: Fond du Lac, WI

Fond du Lac, WI Metro Area Population: 103,836

Fond du Lac, WI Rental Market Statistics:

Rental Inventory (Q2-‘23): 4,492
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 2.4%
Asking Rent (Q2-‘23): $908
Effective Rent (Q2-‘23): $906
Multifamily Vacancy Rate (Q2-‘23): 1.2%
Multifamily Cap Rate (Q2-‘23): 8.8%

Source: National Association of Realtors

Fond du Lac, WI Housing Market Statistics:

Median Home Price (Q2-‘23): $243,400
Home Price Appreciation Since Q2-‘22: 25.3%

Source: National Association of Realtors

#14: Cincinnati, OH

Cincinnati, OH-KY-IN Metro Area Population: 2,268,393

Cincinnati, OH Rental Market Statistics:

Rental Inventory (Q2-‘23): 137,755
Units Added Since Q2-‘22: +778
Asking Rent Growth Since Q2-‘22: 4.6%
Asking Rent (Q2-‘23): $1,202
Effective Rent (Q2-‘23): $1,194
Multifamily Vacancy Rate (Q2-‘23): 5.7%
Multifamily Cap Rate (Q2-‘23): 7.0%

Source: National Association of Realtors

Cincinnati, OH Housing Market Statistics:

Median Home Price (Q2-‘23): $294,200
Home Price Appreciation Since Q2-‘22: 5.9%

Source: National Association of Realtors

Lists That Mention Cincinnati, OH:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #66
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #31
Best Places to Live – 2023-2024 (U.S. News): #50

#15: Cape Coral, FL

Cape Coral-Fort Myers, FL Metro Area Population: 822,453

Cape Coral, FL Rental Market Statistics

Rental Inventory (Q2-‘23): 29,114
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 0.5%
Asking Rent (Q2-‘23): $1,878
Effective Rent (Q2-‘23): $1,853
Multifamily Vacancy Rate (Q2-‘23): 8.3%
Multifamily Cap Rate (Q2-‘23): 4.9%

Source: National Association of Realtors

Cape Coral, FL Housing Market Statistics:

Median Home Price (Q2-‘23): $439,000
Home Price Appreciation Since Q2-‘22: -4.6%

Source: National Association of Realtors

Lists That Mention Cape Coral, FL:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #44
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #277
Fastest-Growing Real Estate Markets – 2023-2024 (U.S. News): #3

#16: Madison, WI

Madison, WI Metro Area Population: 687,077

Madison, WI Rental Market Statistics:

Rental Inventory (Q2-‘23): 69,657
Units Added Since Q2-‘22: +1,246
Asking Rent Growth Since Q2-‘22: 6.2%
Asking Rent (Q2-‘23): $1,470
Effective Rent (Q2-‘23): $1,464
Multifamily Vacancy Rate (Q2-‘23): 3.4%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Madison, WI Housing Market Statistics:

Median Home Price (Q2-‘23): $429,200
Home Price Appreciation Since Q2-‘22: 4.7%

Source: National Association of Realtors

Lists That Mention Madison, WI:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #79
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #61
Best Places to Live – 2023-2024 (U.S. News): #11
Top-Rated Cities for Multifamily Investment 2024 (PwC/ULI): #2

#17: Portland, ME

Portland-South Portland, ME Metro Area Population: 561,576

Portland, ME Rental Market Statistics:

Rental Inventory (Q2-‘23): 16,067
Units Added Since Q2-‘22: +36
Asking Rent Growth Since Q2-‘22: 3.7%
Asking Rent (Q2-‘23): $1,785
Effective Rent (Q2-‘23): $1,779
Multifamily Vacancy Rate (Q2-‘23): 3.0%
Multifamily Cap Rate (Q2-‘23): 6.7%

Source: National Association of Realtors

Portland, ME Housing Market Statistics:

Median Home Price (Q2-‘23): $538,700
Home Price Appreciation Since Q2-‘22: 9.1%

Source: National Association of Realtors

Lists That Mention Portland, ME:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #74
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #22
Best Places to Live – 2023-2024 (U.S. News): #7
Fastest-Growing Real Estate Markets – 2023-2024 (U.S. News): #24

#18: Worcester, MA

Worcester, MA-CT Metro Area Population: 980,836

Worcester, MA Rental Market Statistics:

Rental Inventory (Q2-‘23): 29,861
Units Added Since Q2-‘22: +159
Asking Rent Growth Since Q2-‘22: 4.7%
Asking Rent (Q2-‘23): $1,849
Effective Rent (Q2-‘23): $1,837
Multifamily Vacancy Rate (Q2-‘23): 3.5%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Worcester, MA Housing Market Statistics:

Median Home Price (Q2-‘23): $452,000
Home Price Appreciation Since Q2-‘22: 6.3%

Source: National Association of Realtors

Lists That Mention Worcester, MA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #20
Best Places to Live – 2023-2024 (U.S. News): #77

#19: Albany, NY

Albany-Schenectady-Troy, NY Metro Area Population: 904,617

Albany, NY Rental Market Statistics:

Rental Inventory (Q2-‘23): 55,500
Units Added Since Q2-‘22: +331
Asking Rent Growth Since Q2-‘22: 4.3%
Asking Rent (Q2-‘23): $1,515
Effective Rent (Q2-‘23): $1,508
Multifamily Vacancy Rate (Q2-‘23): 4.4%
Multifamily Cap Rate (Q2-‘23): 6.7%

Source: National Association of Realtors

Albany, NY Housing Market Statistics:

Median Home Price (Q2-‘23): $296,300
Home Price Appreciation Since Q2-‘22: 3.7%

Source: National Association of Realtors

Lists That Mention Albany, NY:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #223
Best Places to Live – 2023-2024 (U.S. News): #17

#20: Syracuse, NY

Syracuse, NY Metro Area Population: 653,633

Syracuse, NY Rental Market Statistics:

Rental Inventory (Q2-‘23): 33,290
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 4.9%
Asking Rent (Q2-‘23): $1,179
Effective Rent (Q2-‘23): $1,173
Multifamily Vacancy Rate (Q2-‘23): 4.5%
Multifamily Cap Rate (Q2-‘23): 7.2%

Source: National Association of Realtors

Syracuse, NY Housing Market Statistics:

Median Home Price (Q2-‘23): $211,600
Home Price Appreciation Since Q2-‘22: 7.8%

Source: National Association of Realtors

Lists That Mention Syracuse, NY:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #170
Best Places to Live – 2023-2024 (U.S. News): #22

#21: Mobile, AL

Mobile, AL Metro Area Population: 428,780

Mobile, AL Rental Market Statistics:

Rental Inventory (Q2-‘23): 21,211
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.0%
Asking Rent (Q2-‘23): $1,052
Effective Rent (Q2-‘23): $1,046
Multifamily Vacancy Rate (Q2-‘23): 7.7%
Multifamily Cap Rate (Q2-‘23): 6.2%

Source: National Association of Realtors

Mobile, AL Housing Market Statistics:

Median Home Price (Q2-‘23): $228,700
Home Price Appreciation Since Q2-‘22: 4.2%

Source: National Association of Realtors

Lists That Mention Mobile, AL:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #129
Best Places to Live – 2023-2024 (U.S. News): #115

#22: Tallahassee, FL

Tallahassee, FL Metro Area Population: 391,680

Tallahassee, FL Rental Market Statistics:

Rental Inventory (Q2-‘23): 22,142
Units Added Since Q2-‘22: +264
Asking Rent Growth Since Q2-‘22: 1.9%
Asking Rent (Q2-‘23): $1,309
Effective Rent (Q2-‘23): $1,300
Multifamily Vacancy Rate (Q2-‘23): 8.6%
Multifamily Cap Rate (Q2-‘23): 5.9%

Source: National Association of Realtors

Tallahassee, FL Housing Market Statistics:

Median Home Price (Q2-‘23): $332,000
Home Price Appreciation Since Q2-‘22: 7.1%

Source: National Association of Realtors

Lists That Mention Tallahassee, FL:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #59
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #114
Best Places to Live – 2023-2024 (U.S. News): #60

#23: Sherman, TX

Sherman-Denison, TX Metro Area Population: 143,131

Sherman, TX Rental Market Statistics:

Rental Inventory (Q2-‘23): 5,856
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 6.2%
Asking Rent (Q2-‘23): $1,098
Effective Rent (Q2-‘23): $1,092
Multifamily Vacancy Rate (Q2-‘23): 5.8%
Multifamily Cap Rate (Q2-‘23): 5.7%

Source: National Association of Realtors

Sherman, TX Housing Market Statistics:

Median Home Price (Q2-‘23): $296,200
Home Price Appreciation Since Q2-‘22: 2.7%

Source: National Association of Realtors

#24: Gainesville, FL

Gainesville, FL Metro Area Population: 350,903

Gainesville, FL Rental Market Statistics:

Rental Inventory (Q2-‘23): 25,364
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 4.0%
Asking Rent (Q2-‘23): $1,397
Effective Rent (Q2-‘23): $1,389
Multifamily Vacancy Rate (Q2-‘23): 6.7%
Multifamily Cap Rate (Q2-‘23): 5.6%

Source: National Association of Realtors

Gainesville, FL Housing Market Statistics:

Median Home Price (Q2-‘23): $366,000
Home Price Appreciation Since Q2-‘22: 2.4%

Source: National Association of Realtors

Lists That Mention Gainesville, FL:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #78
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #214

#25: Pittsburgh, PA

Pittsburgh, PA Metro Area Population: 2,349,172

Pittsburgh, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 103,444
Units Added Since Q2-‘22: +901
Asking Rent Growth Since Q2-‘22: 2.2%
Asking Rent (Q2-‘23): $1,295
Effective Rent (Q2-‘23): $1,283
Multifamily Vacancy Rate (Q2-‘23): 6.3%
Multifamily Cap Rate (Q2-‘23): 6.9%

Source: National Association of Realtors

Pittsburgh, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $225,900
Home Price Appreciation Since Q2-‘22: 0.3%

Source: National Association of Realtors

Lists That Mention Pittsburgh, PA:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #42
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #231
Best Places to Live – 2023-2024 (U.S. News): #47
Top-Rated Cities for Multifamily Investment 2024 (PwC/ULI): #5

#26: Rochester, NY

Rochester, NY Metro Area Population: 1,081,152

Rochester, NY Rental Market Statistics:

Rental Inventory (Q2-‘23): 56,767
Units Added Since Q2-‘22: +65
Asking Rent Growth Since Q2-‘22: 4.6%
Asking Rent (Q2-‘23): $1,331
Effective Rent (Q2-‘23): $1,325
Multifamily Vacancy Rate (Q2-‘23): 3.8%
Multifamily Cap Rate (Q2-‘23): 7.0%

Source: National Association of Realtors

Rochester, NY Housing Market Statistics:

Median Home Price (Q2-‘23): $240,600
Home Price Appreciation Since Q2-‘22: 8%

Source: National Association of Realtors

Lists That Mention Rochester, NY:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #33
Best Places to Live – 2023-2024 (U.S. News): #26

#27: Allentown, PA

Allentown-Bethlehem-Easton, PA-NJ Metro Area Population: 871,229

Allentown, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 34,586
Units Added Since Q2-‘22: +180
Asking Rent Growth Since Q2-‘22: 2.9%
Asking Rent (Q2-‘23): $1,582
Effective Rent (Q2-‘23): $1,574
Multifamily Vacancy Rate (Q2-‘23): 3.5%
Multifamily Cap Rate (Q2-‘23): 6.3%

Source: National Association of Realtors

Allentown, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $330,700
Home Price Appreciation Since Q2-‘22: 11.7%

Source: National Association of Realtors

Lists That Mention Allentown, PA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #52
Best Places to Live – 2023-2024 (U.S. News): #109

#28: Springfield, MO

Springfield, MO Metro Area Population: 484,613

Springfield, MO Rental Market Statistics:

Rental Inventory (Q2-‘23): 24,016
Units Added Since Q2-‘22: +314
Asking Rent Growth Since Q2-‘22: 3.3%
Asking Rent (Q2-‘23): $867
Effective Rent (Q2-‘23): $864
Multifamily Vacancy Rate (Q2-‘23): 3.5%
Multifamily Cap Rate (Q2-‘23): 7.1%

Source: National Association of Realtors

Springfield, MO Housing Market Statistics:

Median Home Price (Q2-‘23): $247,000
Home Price Appreciation Since Q2-‘22: 1.4%

Source: National Association of Realtors

Lists That Mention Springfield, MO:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #46
Best Places to Live – 2023-2024 (U.S. News): #57

#29: Bloomington, IL

Bloomington, IL Metro Area Population: 171,141

Bloomington, IL Rental Market Statistics:

Rental Inventory (Q2-‘23): 9,465
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.6%
Asking Rent (Q2-‘23): $1,042
Effective Rent (Q2-‘23): $1,038
Multifamily Vacancy Rate (Q2-‘23): 3.2%
Multifamily Cap Rate (Q2-‘23): 7.3%

Source: National Association of Realtors

Bloomington, IL Housing Market Statistics:

Median Home Price (Q2-‘23): $239,000
Home Price Appreciation Since Q2-‘22: 9.0%

Source: National Association of Realtors

Lists That Mention Bloomington, IL:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #29

#30: Canton, OH

Canton-Massillon, OH Metro Area Population: 399,316

Canton, OH Rental Market Statistics:

Rental Inventory (Q2-‘23): 12,679
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 3.7%
Asking Rent (Q2-‘23): $874
Effective Rent (Q2-‘23): $870
Multifamily Vacancy Rate (Q2-‘23): 5.3%
Multifamily Cap Rate (Q2-‘23): 9.6%

Source: National Association of Realtors

Canton, OH Housing Market Statistics:

Median Home Price (Q2-‘23): $188,800
Home Price Appreciation Since Q2-‘22: 5.2%

Source: National Association of Realtors

Lists That Mention Canton, OH:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #17

#31: Hagerstown, MD

Hagerstown-Martinsburg, MD-WV Metro Area Population: 303,665

Hagerstown, MD Rental Market Statistics:

Rental Inventory (Q2-‘23): 10,301
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 4.4%
Asking Rent (Q2-‘23): $1,295
Effective Rent (Q2-‘23): $1,285
Multifamily Vacancy Rate (Q2-‘23): 4.4%
Multifamily Cap Rate (Q2-‘23): 6.9%

Source: National Association of Realtors

Hagerstown, MD Housing Market Statistics:

Median Home Price (Q2-‘23): $293,200
Home Price Appreciation Since Q2-‘22: 4.8%

Source: National Association of Realtors

Lists That Mention Hagerstown, MD:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #164

#32: Champaign-Urbana, IL

Champaign-Urbana, IL Metro Area Population: 223,265

Champaign-Urbana, IL Rental Market Statistics:

Rental Inventory (Q2-‘23): 16,272
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 4.3%
Asking Rent (Q2-‘23): $1,034
Effective Rent (Q2-‘23): $1,029
Multifamily Vacancy Rate (Q2-‘23): 5.8%
Multifamily Cap Rate (Q2-‘23): 7.1%

Source: National Association of Realtors

Champaign-Urbana, IL Housing Market Statistics:

Median Home Price (Q2-‘23): $211,900
Home Price Appreciation Since Q2-‘22: 3.7%

Source: National Association of Realtors

Lists That Mention Champaign-Urbana, IL:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #79

#33: Oshkosh, WI

Oshkosh-Neenah, WI Metro Area Population: 170,718

Oshkosh, WI Rental Market Statistics:

Rental Inventory (Q2-‘23): 10,642
Units Added Since Q2-‘22: +207
Asking Rent Growth Since Q2-‘22: 4.4%
Asking Rent (Q2-‘23): $927
Effective Rent (Q2-‘23): $922
Multifamily Vacancy Rate (Q2-‘23): 4.6%
Multifamily Cap Rate (Q2-‘23): 7.2%

Source: National Association of Realtors

Oshkosh, WI Housing Market Statistics:

Median Home Price (Q2-‘23): $251,400
Home Price Appreciation Since Q2-‘22: 9.4%

Source: National Association of Realtors

Lists That Mention Oshkosh, WI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #3

#34: Cumberland, MD

Cumberland, MD-WV Metro Area Population: 94,122

Cumberland, MD Rental Market Statistics:

Rental Inventory (Q2-‘23): 929
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 1.1%
Asking Rent (Q2-‘23): $764
Effective Rent (Q2-‘23): $760
Multifamily Vacancy Rate (Q2-‘23): 3.2%
Multifamily Cap Rate (Q2-‘23): 7.2%

Source: National Association of Realtors

Cumberland, MD Housing Market Statistics:

Median Home Price (Q2-‘23): $145,400
Home Price Appreciation Since Q2-‘22: 4.6%

Source: National Association of Realtors

#35: Appleton, WI

Appleton, WI Metro Area Population: 244,845

Appleton, WI Rental Market Statistics:

Rental Inventory (Q2-‘23): 12,265
Units Added Since Q2-‘22: +66
Asking Rent Growth Since Q2-‘22: 4.7%
Asking Rent (Q2-‘23): $1,068
Effective Rent (Q2-‘23): $1,065
Multifamily Vacancy Rate (Q2-‘23): 1.5%
Multifamily Cap Rate (Q2-‘23): 7.0%

Source: National Association of Realtors

Appleton, WI Housing Market Statistics:

Median Home Price (Q2-‘23): $284,700
Home Price Appreciation Since Q2-‘22: 3.1%

Source: National Association of Realtors

Lists That Mention Appleton, WI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #44

#36: Omaha, NE

Omaha-Council Bluffs, NE-IA Metro Area Population: 976,875

Omaha, NE Rental Market Statistics:

Rental Inventory (Q2-‘23): 80,795
Units Added Since Q2-‘22: +1,057
Asking Rent Growth Since Q2-‘22: 5.1%
Asking Rent (Q2-‘23): $1,147
Effective Rent (Q2-‘23): $1,141
Multifamily Vacancy Rate (Q2-‘23): 6.0%
Multifamily Cap Rate (Q2-‘23): 6.4%

Source: National Association of Realtors

Omaha, NE Housing Market Statistics:

Median Home Price (Q2-‘23): $297,500
Home Price Appreciation Since Q2-‘22: 5.8%

Source: National Association of Realtors

Lists That Mention Omaha, NE:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #64
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #173
Best Places to Live – 2023-2024 (U.S. News): #46

#37: Columbus, OH

Columbus, OH Metro Area Population: 2,161,511

Columbus, OH Rental Market Statistics:

Rental Inventory (Q2-‘23): 208,825
Units Added Since Q2-‘22: +2,669
Asking Rent Growth Since Q2-‘22: 3.7%
Asking Rent (Q2-‘23): $1,252
Effective Rent (Q2-‘23): $1,241
Multifamily Vacancy Rate (Q2-‘23): 7.4%
Multifamily Cap Rate (Q2-‘23): 6.2%

Source: National Association of Realtors

Columbus, OH Housing Market Statistics:

Median Home Price (Q2-‘23): $327,500
Home Price Appreciation Since Q2-‘22: 1.6%

Source: National Association of Realtors

Lists That Mention Columbus, OH:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #53
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #9
Best Places to Live – 2023-2024 (U.S. News): #69
Top-Rated Cities for Multifamily Investment 2024 (PwC/ULI): #3

#38: Oklahoma City, OK

Oklahoma City, OK Metro Area Population: 1,459,380

Oklahoma City, OK Rental Market Statistics:

Rental Inventory (Q2-‘23): 96,145
Units Added Since Q2-‘22: -314
Asking Rent Growth Since Q2-‘22: 1.5%
Asking Rent (Q2-‘23): $942
Effective Rent (Q2-‘23): $932
Multifamily Vacancy Rate (Q2-‘23): 9.9%
Multifamily Cap Rate (Q2-‘23): 6.7%

Source: National Association of Realtors

Oklahoma City, OK Housing Market Statistics:

Median Home Price (Q2-‘23): $247,600
Home Price Appreciation Since Q2-‘22: 6.8%

Source: National Association of Realtors

Lists That Mention Oklahoma City, OK:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #65
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #241
Best Places to Live – 2023-2024 (U.S. News): #106
Top-Rated Cities for Multifamily Investment 2024 (PwC/ULI): #10

#39: Hartford, CT

Hartford-East Hartford-Middletown, CT Metro Area Population: 1,221,303

Hartford, CT Rental Market Statistics:

Rental Inventory (Q2-‘23): 65,828
Units Added Since Q2-‘22: +111
Asking Rent Growth Since Q2-‘22: 4.4%
Asking Rent (Q2-‘23): $1,570
Effective Rent (Q2-‘23): $1,560
Multifamily Vacancy Rate (Q2-‘23): 4.5%
Multifamily Cap Rate (Q2-‘23): 6.4%

Source: National Association of Realtors

Hartford, CT Housing Market Statistics:

Median Home Price (Q2-‘23): $357,800
Home Price Appreciation Since Q2-‘22: 6.0%

Source: National Association of Realtors

Lists That Mention Hartford, CT:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #80
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #19
Best Places to Live – 2023-2024 (U.S. News): #56

#40: Winston-Salem, NC

Winston-Salem, NC Metro Area Population: 688,471

Winston-Salem, NC Rental Market Statistics:

Rental Inventory (Q2-‘23): 33,071
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 1.7%
Asking Rent (Q2-‘23): $1,145
Effective Rent (Q2-‘23): $1,134
Multifamily Vacancy Rate (Q2-‘23): 8.5%
Multifamily Cap Rate (Q2-‘23): 5.7%

Source: National Association of Realtors

Winston-Salem, NC Housing Market Statistics:

Median Home Price (Q2-‘23): $292,200
Home Price Appreciation Since Q2-‘22: 0.8%

Source: National Association of Realtors

Lists That Mention Winston-Salem, NC:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #92
Best Places to Live – 2023-2024 (U.S. News): #41

#41: Harrisburg, PA

Harrisburg-Carlisle, PA Metro Area Population: 603,493

Harrisburg, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 31,316
Units Added Since Q2-‘22: +368
Asking Rent Growth Since Q2-‘22: 2.0%
Asking Rent (Q2-‘23): $1,288
Effective Rent (Q2-‘23): $1,282
Multifamily Vacancy Rate (Q2-‘23): 5.1%
Multifamily Cap Rate (Q2-‘23): 6.0%

Source: National Association of Realtors

Harrisburg, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $250,700
Home Price Appreciation Since Q2-‘22: 0%

Source: National Association of Realtors

Lists That Mention Harrisburg, PA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #63
Best Places to Live – 2023-2024 (U.S. News): #38

#42: Reading, PA

Reading, PA Metro Area Population: 430,449

Reading, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 9,691
Units Added Since Q2-‘22: +20
Asking Rent Growth Since Q2-‘22: 3.2%
Asking Rent (Q2-‘23): $1,312
Effective Rent (Q2-‘23): $1,308
Multifamily Vacancy Rate (Q2-‘23): 2.3%
Multifamily Cap Rate (Q2-‘23): 6.8%

Source: National Association of Realtors

Reading, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $267,500
Home Price Appreciation Since Q2-‘22: 10.1%

Source: National Association of Realtors

Lists That Mention Reading, PA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #57
Best Places to Live – 2023-2024 (U.S. News): #88

#43: Burlington, VT

Burlington-South Burlington, VT Metro Area Population: 228,270

Burlington, VT Rental Market Statistics:

Rental Inventory (Q2-‘23): 6,473
Units Added Since Q2-‘22: +49
Asking Rent Growth Since Q2-‘22: 5.3%
Asking Rent (Q2-‘23): $1,751
Effective Rent (Q2-‘23): $1,745
Multifamily Vacancy Rate (Q2-‘23): 1.7%
Multifamily Cap Rate (Q2-‘23): 6.9%

Source: National Association of Realtors

Burlington, VT Housing Market Statistics:

Median Home Price (Q2-‘23): $486,500
Home Price Appreciation Since Q2-‘22: 5.1%

Source: National Association of Realtors

Lists That Mention Burlington, VT:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #28

#44: Wichita Falls, TX

Wichita Falls, TX Metro Area Population: 149,299

Wichita Falls, TX Rental Market Statistics:

Rental Inventory (Q2-‘23): 6,287
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.1%
Asking Rent (Q2-‘23): $848
Effective Rent (Q2-‘23): $844
Multifamily Vacancy Rate (Q2-‘23): 8.9%
Multifamily Cap Rate (Q2-‘23): 7.2%

Source: National Association of Realtors

Wichita Falls, TX Housing Market Statistics:

Median Home Price (Q2-‘23): $193,300
Home Price Appreciation Since Q2-‘22: 11.1%

Source: National Association of Realtors

Lists That Mention Wichita Falls, TX:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #118

#45: Pittsfield, MA

Pittsfield, MA Metro Area Population: 127,859

Pittsfield, MA Rental Market Statistics:

Rental Inventory (Q2-‘23): 2,006
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.1%
Asking Rent (Q2-‘23): $1,169
Effective Rent (Q2-‘23): $1,164
Multifamily Vacancy Rate (Q2-‘23): 3.4%
Multifamily Cap Rate (Q2-‘23): 7.6%

Source: National Association of Realtors

Pittsfield, MA Housing Market Statistics:

Median Home Price (Q2-‘23): $287,400
Home Price Appreciation Since Q2-‘22: -11.3%

Source: National Association of Realtors

Lists That Mention Pittsfield, MA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #127

#46: Lansing, MI

Lansing-East Lansing, MI Metro Area Population: 540,870

Lansing, MI Rental Market Statistics:

Rental Inventory (Q2-‘23): 31,746
Units Added Since Q2-‘22: +218
Asking Rent Growth Since Q2-‘22: 4.8%
Asking Rent (Q2-‘23): $1,117
Effective Rent (Q2-‘23): $1,111
Multifamily Vacancy Rate (Q2-‘23): 7.1%
Multifamily Cap Rate (Q2-‘23): 6.6%

Source: National Association of Realtors

Lansing, MI Housing Market Statistics:

Median Home Price (Q2-‘23): $226,100
Home Price Appreciation Since Q2-‘22: 4.5%

Source: National Association of Realtors

Lists That Mention Lansing, MI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #42
Best Places to Live – 2023-2024 (U.S. News): #83

#47: Lexington, KY

Lexington-Fayette, KY Metro Area Population: 517,916

Lexington, KY Rental Market Statistics:

Rental Inventory (Q2-‘23): 38,330
Units Added Since Q2-‘22: +202
Asking Rent Growth Since Q2-‘22: 4.8%
Asking Rent (Q2-‘23): $1,107
Effective Rent (Q2-‘23): $1,100
Multifamily Vacancy Rate (Q2-‘23): 6.6%
Multifamily Cap Rate (Q2-‘23): 6.2%

Source: National Association of Realtors

Lexington, KY Housing Market Statistics:

Median Home Price (Q2-‘23): $261,300
Home Price Appreciation Since Q2-‘22: 4.1%

Source: National Association of Realtors

Lists That Mention Lexington, KY:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #42
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #213
Best Places to Live – 2023-2024 (U.S. News): #34

#48: Montgomery, AL

Montgomery, AL Metro Area Population: 388,243

Montgomery, AL Rental Market Statistics:

Rental Inventory (Q2-‘23): 20,570
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 2.1%
Asking Rent (Q2-‘23): $977
Effective Rent (Q2-‘23): $972
Multifamily Vacancy Rate (Q2-‘23): 10.6%
Multifamily Cap Rate (Q2-‘23): 6.6%

Source: National Association of Realtors

Montgomery, AL Housing Market Statistics:

Median Home Price (Q2-‘23): $214,200
Home Price Appreciation Since Q2-‘22: 2.9%

Source: National Association of Realtors

Lists That Mention Montgomery, AL:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #139
Best Places to Live – 2023-2024 (U.S. News): #94

#49: Erie, PA

Erie, PA Metro Area Population: 267,689

Erie, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 6,575
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.0%
Asking Rent (Q2-‘23): $1,050
Effective Rent (Q2-‘23): $1,047
Multifamily Vacancy Rate (Q2-‘23): 2.2%
Multifamily Cap Rate (Q2-‘23): 7.8%

Source: National Association of Realtors

Erie, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $169,000
Home Price Appreciation Since Q2-‘22: 5.8%

Source: National Association of Realtors

Lists That Mention Erie, PA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #81

#50: York, PA

York-Hanover, PA Metro Area Population: 461,058

York, PA Rental Market Statistics:

Rental Inventory (Q2-‘23): 11,498
Units Added Since Q2-‘22: +461
Asking Rent Growth Since Q2-‘22: 3.2%
Asking Rent (Q2-‘23): $1,405
Effective Rent (Q2-‘23): $1,398
Multifamily Vacancy Rate (Q2-‘23): 6.5%
Multifamily Cap Rate (Q2-‘23): 6.5%

Source: National Association of Realtors

York, PA Housing Market Statistics:

Median Home Price (Q2-‘23): $265,800
Home Price Appreciation Since Q2-‘22: 6.9%

Source: National Association of Realtors

Lists That Mention York, PA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #130
Best Places to Live – 2023-2024 (U.S. News): #78

#51: Grand Rapids, MI

Grand Rapids-Kentwood, MI Metro Area Population: 1,094,198

Grand Rapids, MI Rental Market Statistics:

Rental Inventory (Q2-‘23): 51,161
Units Added Since Q2-‘22: +72
Asking Rent Growth Since Q2-‘22: 3.3%
Asking Rent (Q2-‘23): $1,353
Effective Rent (Q2-‘23): $1,347
Multifamily Vacancy Rate (Q2-‘23): 4.7%
Multifamily Cap Rate (Q2-‘23): 5.8%

Source: National Association of Realtors

Grand Rapids, MI Housing Market Statistics:

Median Home Price (Q2-‘23): $330,300
Home Price Appreciation Since Q2-‘22: 4.8%

Source: National Association of Realtors

Lists That Mention Grand Rapids, MI:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #68
Best Places to Live – 2023-2024 (U.S. News): #20

#52: Springfield, MA

Springfield, MA Metro Area Population: 694,523

Springfield, MA Rental Market Statistics:

Rental Inventory (Q2-‘23): 23,436
Units Added Since Q2-‘22: +90
Asking Rent Growth Since Q2-‘22: 4.4%
Asking Rent (Q2-‘23): $1,365
Effective Rent (Q2-‘23): $1,361
Multifamily Vacancy Rate (Q2-‘23): 2.6%
Multifamily Cap Rate (Q2-‘23): 7.3%

Source: National Association of Realtors

Springfield, MA Housing Market Statistics:

Median Home Price (Q2-‘23): $336,000
Home Price Appreciation Since Q2-‘22: 0.4%

Source: National Association of Realtors

Lists That Mention Springfield, MA:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #25
Best Places to Live – 2023-2024 (U.S. News): #108

#53: Norwich, CT

Norwich-New London, CT Metro Area Population: 269,902

Norwich, CT Rental Market Statistics:

Rental Inventory (Q2-‘23): 10,761
Units Added Since Q2-‘22: +50
Asking Rent Growth Since Q2-‘22: 3.3%
Asking Rent (Q2-‘23): $1,542
Effective Rent (Q2-‘23): $1,536
Multifamily Vacancy Rate (Q2-‘23): 4.4%
Multifamily Cap Rate (Q2-‘23): 6.3%

Source: National Association of Realtors

Norwich, CT Housing Market Statistics:

Median Home Price (Q2-‘23): $345,900
Home Price Appreciation Since Q2-‘22: 3.9%

Source: National Association of Realtors

Lists That Mention Norwich, CT:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #27

#54: Topeka, KS

Topeka, KS Metro Area Population: 231,783

Topeka, KS Rental Market Statistics:

Rental Inventory (Q2-‘23): 9,689
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 3.9%
Asking Rent (Q2-‘23): $838
Effective Rent (Q2-‘23): $834
Multifamily Vacancy Rate (Q2-‘23): 9.1%
Multifamily Cap Rate (Q2-‘23): 7.6%

Source: National Association of Realtors

Topeka, KS Housing Market Statistics:

Median Home Price (Q2-‘23): $194,600
Home Price Appreciation Since Q2-‘22: 2.6%

Source: National Association of Realtors

Lists That Mention Topeka, KS:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #1

#55: Indianapolis, IN

Indianapolis-Carmel-Anderson, IN Metro Area Population: 2,142,193

Indianapolis, IN Rental Market Statistics:

Rental Inventory (Q2-‘23): 162,903
Units Added Since Q2-‘22: +1,078
Asking Rent Growth Since Q2-‘22: 3.6%
Asking Rent (Q2-‘23): $1,217
Effective Rent (Q2-‘23): $1,207
Multifamily Vacancy Rate (Q2-‘23): 8.4%
Multifamily Cap Rate (Q2-‘23): 5.9%

Source: National Association of Realtors

Indianapolis, IN Housing Market Statistics:

Median Home Price (Q2-‘23): $311,200
Home Price Appreciation Since Q2-‘22: 2.6%

Source: National Association of Realtors

Lists That Mention Indianapolis, IN:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #22
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #98
Best Places to Live – 2023-2024 (U.S. News): #68

#56: Des Moines, IA

Des Moines-West Des Moines, IA Metro Area Population: 729,053

Des Moines, IA Rental Market Statistics:

Rental Inventory (Q2-‘23): 56,888
Units Added Since Q2-‘22: +192
Asking Rent Growth Since Q2-‘22: 3.5%
Asking Rent (Q2-‘23): $1,105
Effective Rent (Q2-‘23): $1,097
Multifamily Vacancy Rate (Q2-‘23): 6.5%
Multifamily Cap Rate (Q2-‘23): 7.1%

Source: National Association of Realtors

Des Moines, IA Housing Market Statistics:

Median Home Price (Q2-‘23): $296,600
Home Price Appreciation Since Q2-‘22: 3.0%

Source: National Association of Realtors

Lists That Mention Des Moines, IA:

Markets to Watch – Overall Real Estate Prospects 2024 (PwC/ULI): #69
Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #287
Best Places to Live – 2023-2024 (U.S. News): #19

#57: Spartanburg, SC

Spartanburg, SC Metro Area Population: 345,831

Spartanburg, SC Rental Market Statistics:

Rental Inventory (Q2-‘23): 14,776
Units Added Since Q2-‘22: +132
Asking Rent Growth Since Q2-‘22: 3.9%
Asking Rent (Q2-‘23): $1,220
Effective Rent (Q2-‘23): $1,204
Multifamily Vacancy Rate (Q2-‘23): 16.6%
Multifamily Cap Rate (Q2-‘23): 5.1%

Source: National Association of Realtors

Spartanburg, SC Housing Market Statistics:

Median Home Price (Q2-‘23): $291,100
Home Price Appreciation Since Q2-‘22: 5.5%

Source: National Association of Realtors

Lists That Mention Spartanburg, SC:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #199
Best Places to Live – 2023-2024 (U.S. News): #43
Fastest-Growing Real Estate Markets – 2023-2024 (U.S. News): #12

#58: Springfield, IL

Springfield, IL Metro Area Population: 205,513

Springfield, IL Rental Market Statistics:

Rental Inventory (Q2-‘23): 7,312
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 6.9%
Asking Rent (Q2-‘23): $893
Effective Rent (Q2-‘23): $890
Multifamily Vacancy Rate (Q2-‘23): 8.0%
Multifamily Cap Rate (Q2-‘23): 7.2%

Source: National Association of Realtors

Springfield, IL Housing Market Statistics:

Median Home Price (Q2-‘23): $162,600
Home Price Appreciation Since Q2-‘22: 5.0%

Source: National Association of Realtors

Lists That Mention Springfield, IL:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #40

#59: Florence, SC

Florence, SC Metro Area Population: 199,119

Florence, SC Rental Market Statistics:

Rental Inventory (Q2-‘23): 5,548
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 8.0%
Asking Rent (Q2-‘23): $1,079
Effective Rent (Q2-‘23): $1,074
Multifamily Vacancy Rate (Q2-‘23): 6.8%
Multifamily Cap Rate (Q2-‘23): 6.5%

Source: National Association of Realtors

Florence, SC Housing Market Statistics:

Median Home Price (Q2-‘23): $208,200
Home Price Appreciation Since Q2-‘22: 1.6%

Source: National Association of Realtors

Lists That Mention Florence, SC:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #160

#60: Bismarck, ND

Bismarck, ND Metro Area Population: 134,427

Bismarck, ND Rental Market Statistics:

Rental Inventory (Q2-‘23): 6,679
Units Added Since Q2-‘22: +0
Asking Rent Growth Since Q2-‘22: 5.1%
Asking Rent (Q2-‘23): $1,070
Effective Rent (Q2-‘23): $1,067
Multifamily Vacancy Rate (Q2-‘23): 4.7%
Multifamily Cap Rate (Q2-‘23): 8.6%

Source: National Association of Realtors

Bismarck, ND Housing Market Statistics:

Median Home Price (Q2-‘23): $277,400
Home Price Appreciation Since Q2-‘22: -3.0%

Source: National Association of Realtors

Lists That Mention Bismarck, ND:

Emerging Housing Markets Index – Fall 2023 (WSJ/Realtor.com): #190

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

Industry Indicators

Measures of opportunity for rental property investors and property managers:

Housing Indicators

Measures of property prices and rent growth:

Economic and Job Market Indicators

Measures of employment growth:

Demographic Indicators

Measures of population growth:

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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