Demographic trends support apartment markets in the Sun Belt
Research - MARCH 10, 2022

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Demographic trends support apartment markets in the Sun Belt

by Loretta Clodfelter

Investor interest in the apartment sector has been strong, coming into 2022, and it is likely to continue. In particular, positive demographic trends are supporting metros in the Sun Belt region of the United States.

Gerardo Mahuad, managing principal at Eagle Property Capital, sees the most opportunity for workforce housing investing right now in Houston, Dallas–Fort Worth, Orlando and Tampa, Fla. “Sun Belt metros in general are showing exceptional migration, household formation and employment growth,” he told IREI. That population growth is expected to support rental growth for multifamily assets in those markets.

In fact, five of the top 10 markets with the highest rent growth since the pandemic began are in Florida, according to Marcus & Millichap: Fort Lauderdale (28.9 percent), Tampa (27.0 percent), West Palm Beach (26.4 percent) and Miami (24.2 percent). The rest of the top 10 are also Southeast or Southwest markets: Phoenix (30.7 percent), Las Vegas (

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