New York City is the top metro for multifamily investing this year, as high housing demand and a relatively stable rental market buoy the sector there.

According to Crexi data, asking prices for NYC multifamily properties have gone up 13% so far year over year, with average occupancy levels climbing to approach 79.1% on average versus 74% in 2021. In its ranking of the top 10 cities for multifamily investment, Crexi notes that the city is "known as a city of renters" where 67% of households rent rather than own while rents have increased 27% year-over-year, "offering a predictable rental income stream that multifamily investors seek."

Raleigh-Durham is #2 on the list, pushed ahead by a population increase of 2.3% annually and 2.6% employment growth over the same period. Median rents in the metro are more than $1500 per month and nearly half of all households are renter-occupied. Per Crexi comps data, Raleigh multifamily has transacted at a median $221 per square foot closing price, up from $193 per square foot overall in 2021.