Over 60,000 Deals Evaluated
Despite high rates, the multifamily market remains active. In just the first half of the year, redIQ users evaluated over 60,000 deals, and the most-evaluated asset was analyzed more than 100 times. This level of scrutiny highlights the intense competition and the critical need for rapid, accurate analysis and underwriting to stay ahead.
Below, you can review (and download!) a chart of the 20 most frequently evaluated deals, explore maps highlighting these transactions, and review maps breaking down the total number of deals and units evaluated in every state.
If you have questions about other data or have suggestions for future reports, please email Jeffrey Pierik-Page.
Like what you see in this report? You can access aggregated data, refreshed weekly and drawn from client-uploaded documents, directly in dataIQ—perfect for benchmarking owned properties and potential acquisition targets. We’re planning a major expansion of this capability soon, so stay tuned.
Most Frequently Evaluated Deals
The table and accompanying maps provide an overview of the top 20 deals evaluated most frequently across the country in the first half of 2024. The full map of the United States demonstrates how concentrated these deals were, and the following map focuses on North Carolina, South Carolina, and Texas—the three states where the most competitive deals were located. Keep scrolling to see state-specific maps and to gain insights into why these states locations drew interest from investors.
Spotlight on: Texas
Texas Dominates in Deal Volume
Stats prove the saying has truth to it: everything is bigger in Texas. Of the top twenty most frequently underwritten deals from H1 2024, sixteen were in Texas. The state was also the most popular with redIQ clients overall, with a staggering 15,287 evaluated deals.
Population Growth Fuels Demand
It’s not just redIQ stats that prove everyone loves Texas. Already the second most populous state, Texas’ population grew more than any other state in 2022, adding approximately 475,000 people. Low taxes, relatively low cost of living, and corporate relocations have all incentivized mass movement from high-cost states such as California and New York.
Housing Trends Encourage Investment
Sustained population growth is a compelling reason to invest, but housing trends make Texas appealing as well. In 2024, rent growth is predicted to grow, and there will be fewer apartment deliveries than in 2023. In addition, the percentage of owner-occupied units in Texas has been gradually declining since 2010, signaling a transition to renting.
Looking Ahead: Texas' Continued Dominance
No state has as compelling a narrative as Texas, or the same momentum. In January 2025, we’ll revisit redIQ’s usage stats and see if anyone can take the crown from the Lone Star State.
Spotlight on: North Carolina
North Carolina's Asset Analysis
North Carolina saw 3,750 analyzed assets in the first half of the year. Three appeared on the list of most popular deals, with two in the Charlotte metropolitan area and one in Apex, located outside Raleigh. In 2022, North Carolina was the fourth most popular state for people moving within the United States. The top three points of origin for new citizens of the state were Florida, Virginia, and South Carolina.
Economic Signals
Signals are compelling for North Carolina. Firms including Bank of America, Honeywell, and Lowe’s have their headquarters in the state. Additionally, a 2023 CBRE report named Charlotte as among the “healthiest” multifamily markets in the United States, with strong delivery of new supply and corresponding demand and absorption.
Spotlight on: South Carolina
South Carolina's Market Appeal
South Carolina doesn’t dominate headlines the way Texas, Florida, and Arizona do. Still, the state comes in as the 11th most popular of the 50 states among redIQ clients for H1 2024, with 555 analyzed deals. South Carolina also boasts one of the most popular assets—The Apartments at Shade Tree—evaluated 72 times.
Migration and Growth
It’s a popular destination for internal migrants moving from high-cost states looking for low taxes and cheaper housing. The other appeal? In a few words: warm weather. These factors, as well as strong industry, have made the state’s population grow quickly: it was the fastest-growing state in 2023.
Key Transactions
In the first few months of the year, there were a number of blockbuster transactions in the Palmetto State: a five property, 2,164-unit portfolio and the $40.35 million sale of The Farmhouse at Easley. If you’re not currently analyzing properties in South Carolina, it may be a good time to start. Just last week, the state released projections indicating it expects to add roughly 1 million residents between now and 2042.
Deals By State
The interactive map below illustrates the number of deals assessed in each state in the first half of the year, highlighting areas of high activity and the most competitive markets. Dive into the map to explore how different states are performing. Whether you're targeting highly competitive markets or emerging ones, leverage these insights for your strategic investment planning.
Units by State
The interactive map below displays the distribution of units evaluated in each state during the first half of the year, pinpointing regions with the highest density and largest markets. Explore the map to see how various states compare in terms of unit evaluations. Whether you are focusing on densely populated markets or those with growth potential, use this data to optimize your portfolio.
Let Us Know What You Want to See
If you have questions about other data or have suggestions for future reports, please email Jeffrey Pierik-Page.
Reminder: you can access aggregated data, directly in dataIQ!