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West Coast Markets Lead Multifamily Sector

The Seattle/Tacoma metro area tops the rankings in Marcus & Millichap's latest National Multifamily Index, and all but one of the top 10 markets are on the West or East Coast.

By Paul Bubny | Updated on January 29, 2018

Photo of Seattle skyline Seattle tops the NMI on the basis of strong job growth and continued renter demand driven by soaring home prices.

CALABASAS, CA—In keeping with norms established over the past several quarters, a West Coast market leads the way in forward-looking indicators for multifamily investment. The winner in the latest National Multifamily Index from Marcus & Millichap and its Institutional Property Advisors division is Seattle-Tacoma, on the strength of its robust tech employment and soaring home prices that continue to boost rental demand.

Not surprisingly, the West Coast dominates the top 10 in the latest NMI, with California cities and Portland, OR joining Seattle there. Only third-ranked Minneapolis-St. Paul, with its steady job growth and robust renter demand, represents the Midwest in the top 10, while Boston and New York City come into the rankings at #s 6 and 7, respectively.

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