Dallas and New York lead a list of metro areas that are thriving apartment markets, according to a ranking by CRED iQ. The firm analyzed commercial mortgage-backed securities (CMBS), Freddie Mac and Fannie Mae loan issuances over the past 15 months to identify the markets driving near-term multifamily momentum.
The analysis revealed that the Dallas-Fort Worth MSA leads the country in multifamily scale, with nearly 104,000 units financed since January 2024. That is significantly higher than the 68,000 units in New York over the same period. Dallas also ranks third in the number of multifamily properties at 440, and it has added more than 20,000 units since 2020.
Meanwhile, the New York MSA leads the country in multifamily loan volume, with $12.6 billion in loans originated since January 2024. The market, which encompasses northern New Jersey and Long Island, ranks first in both property count, at 765 and new units built since 2022. The region has added nearly 16,000 units since 2020.
Los Angeles placed third on CRED iQ’s weighted ranking, bolstered by 503 properties with new loans. Encompassing Long Beach and Santa Ana, the market is a key player in the multifamily space and has added 5,400 units in the past five years.
CRED iQ noted that Houston and Miami both stand out in terms of new units delivered since 2020, with 8,400 and 6,700 units, respectively.
By examining key metrics including unit counts, property counts, loan balances and year built, CRED iQ determined the most promising markets for multifamily investment. New York has led the country in loan volume, property count and new units built since 2022, making it a powerhouse for multifamily investment, according to the software firm.
Dallas-Fort Worth closely followed with unmatched unit volume and strong new construction activity, while Los Angeles came in third.
The ranking included a three-way tie for fourth place in investment potential between Atlanta, Chicago and Houston. Each of these MSAs showed robust multifamily activity, said CRED iQ.
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