The pandemic shook up the traditional list of top apartment investment markets. In the last year, long time favorites, like San Francisco and New York City fell off of the list, while secondary cities like Nashville, Raleigh, Miami and Austin are new favorites. But, at the recent GlobeSt.com Multifamily conference, investment professionals and experts diverged from the standards.

Jerry Fink, managing partner at the Bascom Group, says Las Vegas has the firm "most intrigued." Fink likes the fundamentals, which include limited land for new development, a narrow new construction pipeline and, the kicker, 10% rent growth.

The Colorado market, and specifically Denver, is also a favorite secondary market, according to Loryn D. Arkow, a partner at law firm Stroock, said. She added that she has seen client interest in Miami and other sunbelt cities, but said there is some concern that a bubble is looming in those markets. She is most confident in the northwest and Rockies.