“Nobody goes there anymore. It's too crowded.” – Yogi Berra
McLEAN, VA—Is the smart money is preparing to leave the hot markets? When asked where they expect to find the greatest increase in value in the multifamily market, “outside the city centers” was the message from investors at the recent RealShare Apartments Conference in Los Angeles. In 2017, attendees responding to Capital One's annual Multifamily Survey saw their greatest opportunities in the urban core. This year, many are looking farther afield to suburban, secondary and tertiary markets.
The year-over-year difference is quite dramatic. Forty-seven percent of those surveyed last year selected urban markets, 27% chose suburban, and 19% named secondary and tertiary. This year's respondents turned those results on their head: 43% said the secondary and tertiary markets would experience the greatest increase in value in 2018, while another 35% selected suburban markets. Only 17% chose urban markets.
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