12 Booming Multifamily Markets for 2022

Multifamily continues to be in tremendous demand, and it’s no secret that asking rent rates have risen to historical levels in the last year. In January, the national average asking rent rate hit a peak of a year-over-year increase of 17.8%, but has since begun to cool off and trend downward to 15.3% for the month of May. This is a good indicator there is not an impending “housing bubble” as some have feared. Not only is multifamily investing a great hedge against inflation, but it will likely continue to be a very strong investment vehicle for consistent cash flow and return on investments.


When it comes to identifying thriving markets, there is no crystal ball or methodology to ensure a guaranteed “winner”. However, there are fundamental principles and common-sense data to evaluate, which includes supply vs demand, employment rates, job growth, cost of living, and more. Which markets, for now, appear to have the most promising futures for investors in 2022? Let’s take a look…


#12: Portland, OR

Forecasted Rent Growth for YE 2022: 7.6%

Year-over-Year Rent Growth: 13.0%

Year-over-Year Job Growth: 5.4%

Average Rent (1BR): $1,680


#11: Atlanta, GA

Forecasted Rent Growth for YE 2022: 7.6%

Year-over-Year Rent Growth: 16.2%

Year-over-Year Job Growth: 5.8%

Average Rent (1BR): $1,812


#10: Sacramento, CA

Forecasted Rent Growth for YE 2022: 7.7%

Year-over-Year Rent Growth: 12.7%

Year-over-Year Job Growth: 5.0%

Average Rent (1BR): $1,792


#9: Phoenix, AZ

Forecasted Rent Growth for YE 2022: 7.7%

Year-over-Year Rent Growth: 20.7%

Year-over-Year Job Growth: 4.7%

Average Rent (1BR): $1,547


#8: San Francisco, CA

Forecasted Rent Growth for YE 2022: 7.8%

Year-over-Year Rent Growth: 8.8%

Year-over-Year Job Growth: 6.3%

Average Rent (1BR): $3,230


#7: Charlotte, NC

Forecasted Rent Growth for YE 2022: 8.1%

Year-over-Year Rent Growth: 17.3%

Year-over-Year Job Growth: 3.4%

Average Rent (1BR): $1,559


#6: Tampa, FL

Forecasted Rent Growth for YE 2022: 8.1%

Year-over-Year Rent Growth: 22.6%

Year-over-Year Job Growth: 5.2%

Average Rent (1BR): $1,834


#5: Austin, TX

Forecasted Rent Growth for YE 2022: 8.3%

Year-over-Year Rent Growth: 18.1%

Year-over-Year Job Growth: 9.0%

Average Rent (1BR): $1,735


#4: Las Vegas, NV