126: Top 15 Fastest Growing Sub-Markets

SHOW NOTES FOR EPISODE 126: TOP 15 FASTEST GROWING SUB-MARKETS

Multifamily housing is growing more and more competitive. Finding and securing a deal in the right market at the right time is not easy.  That’s why smart investors are seeking out great properties in secondary and tertiary markets.  In this episode, Bill shares the top 15 U.S. sub-markets experiencing the highest population growth.

I’ve always said, if you CAN invest in your local market, you should.  It’s easier and better for a number of reasons

1. Knowing your market well is critical. It’s just easier to know a market that’s near you because you can go there, interact there, maybe you even grew up there.  You know the good pockets and the not-so-great areas.  Knowledge is power in real estate investing.
2. It’s easier to manage, oversee and monitor. You can get there quickly.  Less likely that a property manager will be negligent when they know you are near by
3. Your local team is your main team. Out-of-state investors must have a main team (attorney, CPA, mortgage broker, etc.) and they need local teams for each market.
4. You can network there at Local REIs, Chamber of Commerce and service club meetings, meet-ups where you can meet:
   1. Local investors
   2. Develop relationships with local bankers, attorneys, other professionals
   3. Find a local mentor
   4. Potential tenants
5. Family members who live locally can help with your investments
6. You know the local business and economy, because you are part of the local business economy.
7. What plans the city has
8. How they’re attracting new businesses
9. What businesses are coming to town

And there are other advantages.

So, when I share these lists with you, it’s for those of us who either are in a bad market to invest locally (like me – here in California) or who are looking for the best return on their investment in “emerging markets”

However, for some of us, our local area may not be good to invest

1. The market is declining (people moving away, no jobs, poor economy)
2. You can’t find investments that meet your criteria
3. Very low cap rates
4. If cash flow is a priority and you can’t get cash flow
5. Top of the bubble! Prices too high

The lists I share are not definitive.  They are only “snapshots” of areas that could have potential.  Today’s list today zeroes in on areas where population is growing above the national average.  They come right from the census numbers directly – and the numbers are current!

Population growth is important!  Very important!  But it is just an “overlay” of many factors you need to consider

You also must consider

• Jobs
• Large businesses locating in the area
• Appealing lifestyle
• The rental market
• Vacancy rates
• Are there state capitals and universities nearby
• Big box retail, shopping hubs
• Location of an airport
• Infrastructure
• Path of progress
• Minimum population size

But, without a growing population, it is not an emerging market

The difference today is that I am sharing not just the major cities and MSAs (Metropolitan Statistical Areas) but “sub markets” / secondary and tertiary markets–incorporated cities that may not be on everyone’s radar but are still experiencing significant growth.

Here are the Top 15 based on the current census data!

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