So far construction starts have yet to be impacted by tightening financial conditions.

Atlanta was No. 1 in April, followed by Kansas City, Mo.

In many cities, residents need to earn more to have the purchasing power of a $100,000 salary.

"It's likely the cap rate underwritten by the buyer was in the low-to-mid 5% range."

This is partly driven by Amazon's decreased spend on microfulfillment.

But it took them longer to reach this milestone than prior generations.

What goes up comes down in this study with Albuquerque a prime example of how quickly a market changes.

But that may be because their rental costs have fallen by more than half.