Dallas, NYC Top Markets for Multifamily Investment
The multifamily sector continues to be a dynamic space for investors, with evolving trends shaping opportunities across major U.S. markets. Using exclusive data from CRED iQ, our research team analyzed recent commercial mortgage-backed securities (CMBS), Freddie Mac and Fannie Mae loan issuances since January 2024 to identify the top multifamily markets driving near-term momentum. By examining key metrics from recent loans — unit counts, property counts, loan balances and year built — we’ve uncovered the most active markets for multifamily investment.
Our team evaluated multiple data points to create a comprehensive weighted score ranking of multifamily markets.
The Dallas-Fort Worth metropolitan statistical area (MSA) tops the charts with an impressive 103,983 units financed since January 2024, far surpassing New York’s 67,833 units. Dallas also ranks third in property count (440 properties) and shows significant new supply, with 5,722 units built in 2020 alone.
The New York MSA, encompassing Northern New Jersey and Long Island, leads in loan balances with $12.6 billion in multifamily loans originated since January 2024. It also ranks first in property count (765 properties) and new units built since 2022.
The Los Angeles MSA, which includes Long Beach and Santa Ana, secures third place in our weighted rankings, bolstered by 503 properties with new loans, making it a key player in the multifamily space.
Dallas and Houston stand out for units built in 2020 (5,722 and 3,038, respectively). However, for newer units built in 2022 and 2023, Miami emerges as a strong contender, ranking third in this category.
After analyzing unit counts, property counts, loan balances and construction trends, CRED iQ’s weighted score rankings reveal the following top MSAs for multifamily investment:
The New York MSA leads in loan volume, property count and new units built since 2022.
The Dallas-Fort Worth MSA, with unmatched unit volume and strong new construction activity, is a close second.
The Los Angeles MSA, a consistent performer across metrics, secured third place.
The MSAs of Atlanta, Chicago and Houston share fourth place, each showing robust multifamily activity. The Washington, D.C., MSA, which includes Arlington and Alexandria, rounds out the top seven, driven by steady demand and investment.
The multifamily market is thriving in these top MSAs, with Dallas and New York leading the pack due to their scale, loan activity and new construction. Markets like Los Angeles, Atlanta, Chicago, Houston and Washington, D.C., also present compelling opportunities, particularly for investors seeking diversified portfolios. Miami’s rise in newer construction signals its growing appeal for those targeting emerging supply.
CRED iQ’s data underscores the resilience and potential of the multifamily sector in 2025. As market dynamics evolve, these top-ranked MSAs are well positioned to deliver strong returns for savvy investors.
Mike Haas is the founder and CEO of CRED iQ.
