After historical performance, it's tough to top yourself. Multifamily has faced that challenge, according to Marcus & Millichap's 2023 Multifamily National Investment Forecast.

How do you beat the performance that multifamily established during the height of the pandemic? People have to live somewhere, demographic shifts changed the where the population was and moving to, a lot of investment cash pushed up prices, helping to drive rents upward out of mathematical necessity, and building costs jumped more than a third between 2019 and 2022.

There's still a lot of movement of populations — one reason Sunbelt major markets are again on the top of performance. "Net in-migration to Florida metros is on an upward bend, helping Fort Lauderdale, Orlando, Miami-Dade and Tampa-St. Petersburg all place in the top five of the Index," says the report. "Similarly, three major Texas markets hold a spot in the top 10, headlined by Dallas-Fort Worth as the second-highest rated overall."