Secondary and tertiary markets across the American West and Florida are projected to be multifamily outperformers in 2022, led by Phoenix, Las Vegas, Tampa, Tucson, and Albuquerque, according to new research from Freddie Mac.

Those cities are projected to post annualized growth in gross income ranging between 6 and 7.6%, with vacancies hovering in neighborhoods of between 3.3% (Albuquerque) and 4.6% (Phoenix). Atlanta, Sacramento, Riverside, West Palm Beach, and Fort Lauderdale round out the top 10.

Meanwhile, in a change from 2021, the bottom 10 markets by projected gross income are no longer urban gateway cities; instead, they are located across the Midwest and the Northeast. They include Omaha, Buffalo, Northern New Jersey, Nashville, and Central New Jersey.

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