Led by the West, secondary markets saw a 16-year high in multifamily investment during 2016. A combination of strong job and population growth, as well as above average household formations made cities such as Austin, Denver, Phoenix, Portland and Tampa top targets for multifamily investment.

1. Austin
Denver
Phœnix
Portland
Tampa
Second to none:Secondary markets see record multifamily investment
Led by the West, secondary markets saw a 16-year high in multifamily investment during
2016. A combination of strong job and population growth, as well as above average
household formations made markets such as Austin, Denver, Phoenix, Portland and
Tampa top targets for multifamily investment.
Average secondary
market investment
growth versus
national average
Total multifamily investment sales
AustinTotal multifamily investment sales
Austin 2016
Total multifamily investment sales 2016
2010-present
Population growth
2010-present
Job growth
Average population
growth versus
national average*
Average job
growth versus
national average*
Total investment into secondary
market multifamily product in 2016,
8.2 percent increase over 2015.
8.2
4.3vs.
10.1
4.2vs.
16.5
11.1vs.
$52.7
United States
billion
$3.4billion
$6.5billion
$5.0billion
$2.7billion
$2.7billion
16.6%
10.7%
9.1%
7.3%
6.9%
4.2%
23.8%
17.2%
14.8%
13.8%
14.1%
11.1%
us.jll.com/research/multifamily
*Above averages are based on JLL data for Austin, Denver, Phoenix, Portland and Tampa from 2010-2016.
% % %