National Multifamily Index (NMI)
The top two markets last year trade places in 2018. Driven by robust employment in the tech sector and soaring home prices that keep rental demand ahead of elevated deliveries, Seattle-Tacoma ranks first on the chart. The metro outperforms last year’s leader, Los Angeles (#2), which slid one spot.
Sacramento’s robust rent growth and low vacancy pushed the market up 12 positions in the ranking (#8) the largest increase in the Index. Other double-digit movers were Orlando (#17) and Detroit (#28), which each leaped 10 places.More