Top Real Estate Markets: Where People Are Moving
When it comes to successful multifamily real estate investing, population growth is one of the most critical factors. If people are moving into a market, demand for housing rises, rents increase, and investors see strong cash flow and appreciation. But if a market starts losing residents, it’s a sign to reevaluate your strategy.
So, where are people moving in 2024? According to PODS Moving, the Carolinas and Georgia are seeing the biggest inbound migration—while Florida is losing some of its shine. Let’s break down what’s happening and what it means for real estate investors.
People are flocking to the Southern Appalachian Region, including North Carolina, South Carolina, and Georgia. Why?
PODS reports that 60% of movers are heading to these states. Just last year, Florida was the most popular destination, but rising insurance costs and hurricane risks have started to slow its momentum. Florida is still growing, but investors should factor in rising expenses and shifting demand.
For multifamily investors, it’s not just about population trends, it’s also about where businesses are moving. Strong job markets create sustained rental demand and higher occupancy rates.
According to PODS, the top relocation cities for businesses in 2024 are:
These cities are attracting corporate relocations because they offer pro-business environments, lower taxes, and strong labor markets. For investors, these are prime multifamily markets with long term growth potential.
The cities losing population in 2024 look a lot like they have for the past few years. California continues to top the list for outbound migration, with seven of the top 20 move-out cities in the country.
Why are people leaving?
Austin, TX also made the list of top move-out cities, which may surprise some investors. But housing costs have skyrocketed 53% since 2019, and congestion has driven many to lower-cost alternatives like San Antonio.
For investors, outward migration signals lower demand and potential rent stagnation, so staying ahead of these trends is key.
As a multifamily investor, you need to think long-term and focus on markets that will continue growing. Here’s how you can apply these trends to your investment strategy:
Prioritize population growth markets. Areas with inbound migration signal strong rental demand and appreciation potential.
Watch business relocation trends. Cities attracting new companies and job seekers will see long-term economic strength.
Avoid overheated markets. If rents are significantly higher than similar surrounding areas, it could be a red flag that rent growth may slow.
Look for affordability and quality of life. People are choosing markets where they can live well without overspending—follow that trend.
Bottom Line: The Carolinas, Georgia, and key Sun Belt cities are the strongest multifamily investment markets in 2024. Meanwhile, Florida’s rise is slowing, and high-cost states like California continue to see outbound migration.
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