IMG investment markets rank favorably in 2024 ULI report

Woodland Hills, CA— October 24, 2023— ULI published its highly regarded annual report analyzing trends and outlooks for the multifamily real estate industry. IMG’s acquisition markets rank favorably for in-migration and demand, including Atlanta (No.4), San Antonio (No. 8) and Raleigh (No. 9).

The annual report by the Urban Land Institute and PwC is based on surveys and interviews with more than 1,200 industry experts including investors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants.

ULI Emerging Trends in Real Estate® – TOP REAL ESTATE MARKETS FOR 2024

1. Nashville
2. Phoenix
3. Dallas/ Fort Worth
*4. Atlanta
5. Austin
6. San Diego
7. Boston
*8. San Antonio
*9. Raleigh/ Durham
*10. Seattle
11. Houston
*12. Denver
*13. Charlotte
14. Miami
15. Northern New Jersey

*Active IMG Investment Markets

“Multifamily will be the most prized investment vehicle in 2024 when it comes to ‘the big four.’ Rental housing still has a reputation as a safer space for long-term investment.” – Kevin Crook, Director of Acquisitions & Dispositions, IMG

Adjusting Expectations for 2024

  • Surveys say that investors are eager to acquire new assets, despite current challenges in commercial real estate markets
  • There needs to be an acceptance of the “higher for longer” reality that interest rates are facing now
  • Old assumptions about market dynamics, pricing, and risks must be reevaluated
  • With high interest rates, rent, and the pause in student loan repayments ending in October 2023, experts note that we will begin to see the ramifications of student loan paybacks kicking into gear. Something investors should keep in mind is how tenants are going to respond to these potential financial impacts.

Despite the slow and steady road to recovery, surveys indicate that multifamily assets in well-located areas are still gaining investors’ interest. The tone in multifamily housing is much less negative than other segments of the market due to long-term demand that should enable it to maintain steady performance.

Atlanta is still a longtime survey favorite and continues to lead high ratings for the Super Sun Belt market. This market is large and diverse but still relatively affordable, supporting a powerhouse economy that attracts a wide range of businesses; most of which are among the fastest-growing markets in the country with solid economic performance through changing real estate cycles.

The latest ULI report highlights several of IMG’s active investment markets (e.g. Denver, Portland, and Charlotte) as “18-Hour Cities” – medium sized metropolitan areas that attract buyers due to their lifestyle, workforce quality, and development opportunities. Based on industry leader interviews, “population growth for these markets averages three times the national average and twice as much as any other market group. Economic growth is also well above average”.

For more Emerging Trends in Real Estate insights, visit the Urban Land Institute website.

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