Chicago was their number one choice. There are nearly 2.7 million inhabitants, large and diverse population, competitive pricing compared to other large cities, and strong job prospects across multiple sectors like education, healthcare, and finance. Even with recent rent increases, the median rent for a one-bedroom unit is $2,12, according to Zumper.com, so far cheaper than a New York ($4,216) or San Francisco ($3,079). Sales comps are $188 per square foot price, asking cap rate of 7.1%, and 111 days on market.

San Diego was second on the list because of limited apartment supply, high demand for rental properties, and a strong economy. There are more than 1.4 million residents and key employer industries like defense, tourism, healthcare, and technology. Median one-bedroom rent is $2,448. Geographic and zoning limitations help maintain high occupancy and consistent rent growth, offering good cash flow and valuation appreciation over time. Sales comps are $553 per square foot price, asking cap rate of 4.5%, and 130 days on market.

Columbus is Ohio’s capital and its largest city with more than 900,000 residents. Median rent is about $1,200 and key industries are education, healthcare, finance, and technology. There are ongoing infrastructure development and revitalization projects for long-term appeal and increasing value. Ohio State University is close at hand and offers many student renters. Sales comps are $155 per square foot price, asking cap rate of 6.0%, and 97 days on market.

Nashville is more than a place to play your guitar. More than 2 million residents see companies relocating or expanding into the area, showing more than cultural attraction. The median one-bedroom rent of $1,630 makes it relatively affordable for younger professionals. Urban development and infrastructure projects in key neighborhoods mean improved desirability and property values. Sales comps are $338 per square foot price, asking cap rate of 5.2%, and 91 days on market.

Raleigh is not just the capital of North Carolina but one of the major tech hubs in the country. There are three universities as well as technology, life sciences, and research companies. Median one-bedroom rents are a modest $1,200. The population is more than 470,000 and a low unemployment rate of 2.6%. Sales comps are $304 per square foot price, asking cap rate of 5.4%, and 116 days on market.

Boston is a magnet for high-tech, biotech, healthcare, and education. The greater area is home to many higher-education institutions including M.I.T., Harvard, and Boston University. The median price for a one-bedroom is a stiff $3,731. Occupancy rates in stabilized properties remain high. The city in November proposed a $110 million investment in new multifamily construction to address housing shortages. Sales comps are $665 per square foot price, asking cap rate of 6.0%, and 70 days on market.

Dallas, with its “booming population and employment growth,” represents a top multifamily investment location. The median one-bedroom rent is $2,162 and overall, the city is considered to have an affordable cost of living. A business-friendly environment has brought in many employers. Sales comps are $269 per square foot price, asking cap rate of 5.4%, and 140 days on market.

San Jose is eighth on the list, fueled by high tech and the economic ascendency of artificial intelligence. However, compared to San Francisco’s median rent of $3,531 according to Zumper, it seems downright inexpensive at $2,630, though that may not last long given high demand that is pushing rent growth and has left the vacancy rate at about 3.5%. The economic strength has seen many professionals moving in and looking for apartments. Sales comps are $526 per square foot price, asking cap rate of 5.0%, and 98 days on market.

Philadelphia’s expanding economy around education, healthcare, and technology sustains job creation and rental growth, with a median one-bedroom running $1,928. Low vacancy rates, competitive rental yields, and infrastructure improvements make the city popular for multifamily investors. Sales comps are $213 per square foot price, asking cap rate of 7.4%, and 96 days on market.

Minneapolis/St. Paul or the “Twin Cities” are expected to see steady economic growth over the next decade. Healthcare, finance, and technology are major drivers of the economy. Stable rent yields — the median one-bedroom rent is $1,762 — and moderate vacancy rates help make the area attractive to investors. Sales comps are $112 per square foot price, asking cap rate of 6.5%, and 132 days on market.