Population Trends
Look at 5-year and 10-year metro population growth. Markets growing 1%+ annually consistently outperform on appreciation. Look at the underlying drivers: jobs, climate migration, cost of living.
Job Diversity
Single-industry markets (Las Vegas tourism, Detroit auto) carry concentration risk. Top markets have 3+ major industries each representing < 25% of employment.
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Regulatory Climate
Texas, Florida, Tennessee, Indiana are landlord-friendly. California, New York, Oregon, Washington are increasingly tenant-friendly. Regulation directly affects vacancy and operating cost.
Supply Pipeline
New multifamily deliveries 2x absorption rate signals rent pressure. Track Census permits data quarterly.