The health crisis has driven the alignment of factors that coalesced into record rental housing performance, according to Marcus & Millichap. Last year, multifamily properties delivered record low vacancy rates, record rent growth and record price appreciation in numerous markets across the United States. Many of the economic and societal trends that drove these stellar results remain in place for 2022, boding well for multifamily investments in the year to come.

The No. 1 market in the firm’s apartment market index rankings is Orlando. Larger markets have more ground to make up, falling lower on the index rankings. The Bay Area metros of San Francisco (No. 25) and San Jose (No. 26) lie in the middle of the firm’s rankings, as the region continues to recover from the pandemic despite growing staff counts. Employers in tech-centric Seattle-Tacoma (No. 22) are also hiring, although a heavy development pipeline adds near-term pressure. Conversely, minimal building activi