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Multifamily real estate investing can provide some stability for your portfolio and help you diversify, which offers risk mitigation benefits. However, the multifamily market has experienced some turbulence over the last few years due to supply and demand imbalances. Fortunately, experts predict that supply and demand are realigning, which should drive positive rent growth.

With the multifamily market set to rebound in 2025, now is a great time to add some multifamily properties to your portfolio. The question is, what are the best cities for real estate investment?

The experts at OpenPath Investments have gathered all the data you need to guide your investment decisions in 2025. Our list of the best cities for real estate investment provides insights about occupancy rates, price-to-rent ratio, and average rent.

The 10 Best Cities for Multifamily Investing in 2025

Identifying the best cities for real estate investment means understanding your investing goals and taking a deep dive into the multifamily real estate market. Here are the best cities to buy investment property in 2025.

1. Las Vegas, Nevada

Las Vegas remains one of the best cities for real estate investment in 2025. OpenPath Investments has been active in the Las Vegas market for a decade, purchasing a multifamily Lake Tonopah property in 2015. The property has 356 units and consistently provides high occupancy rates. Here’s a look at the Las Vegas real estate market:

• Median Property Price: $416, 903
• Occupancy Rate: 91% (Q3 2024)
• Cap Rate: 5.5-6%
• Price-to-Rent Ratio: 19.2
• Average Rent: $1,807

2. Atlanta, Georgia

Atlanta’s economy is booming, and the population is steadily rising. The region’s cost of living remains attractive to renters as well. The city is absorbing thousands of units every quarter as people continue to relocate to Atlanta. Here are some key stats about the multifamily market:

• Median Property Price: $400,000
• Occupancy Rate: 88%
• Cap Rate: 5.6%
• Price-to-Rent Ratio: 16
• Average Rent: $1,600

3. Charlotte, North Carolina

Charlotte is experiencing strong population growth, which is fueling the demand for rental units. Charlotte is a top multifamily market in the high-growth Carolinas. The multifamily market is a good environment for real estate investing, as evidenced by these stats:

• Median Property Price: $375,000-$400,000
• Occupancy Rate: 92%
• Cap Rate: 5.5%
• Price-to-Rent Ratio: 17-18
• Average Rent: $1,800

4. Tampa, Florida

Tampa’s multifamily market is riding strong. Florida has no state income tax and moderate property taxes, which makes it appealing to investors and residents alike. Tampa’s long-term outlook remains positive, given its fast population growth and diversified economy.

• Median Property Price: $367,000
• Occupancy Rate: 90%
• Cap Rate: 5.5%
• Price-to-Rent Ratio: 14
• Average Rent: $1,800

5. Denver, Colorado

Denver’s economy and population are holding strong. The city is also experiencing high absorption rates, showing good demand for multifamily units.

• Median Property Price: $586,000
• Occupancy Rate: 89.5%
• Cap Rate: 5.2%
• Price-to-Rent Ratio: 23
• Average Rent: $1,800

6. Nashville, Tennessee

Music City has been one of the best cities for real estate investment for several consecutive years. That’s why OpenPath Investments purchased several multifamily properties in Nashville in 2022. Discovery at Mountain View is a 336-unit property that offers high occupancy rates and consistent revenue.

• Median Property Price: $455,000
• Occupancy Rate: 88%
• Cap Rate: 5.5%
• Price-to-Rent Ratio: 19
• Average Rent: $1,900

7. San Diego, California

San Diego’s multifamily market benefits from limited supply and strong demand. While new development is constrained due to strict zoning laws, the region’s population continues to grow.

• Median Property Price: $876,000
• Occupancy Rate: 95%
• Cap Rate: 4.6%
• Price-to-Rent Ratio: 24
• Average Rent: $2,500-$3,000

8. Salt Lake City, Utah

The experts at OpenPath Investments also identified Salt Lake City as one of the best cities for real estate investment. OPI purchased Parkway Commons, a Salt Lake City multifamily property, in 2016. The property has 93 units and was built in 1994. Here’s a look at the city’s multifamily market:

• Median Property Price: $526,000
• Occupancy Rate: 94%
• Cap Rate: 5.5%
• Price-to-Rent Ratio: 25-26
• Average Rent: $1,700

9. Columbus, Ohio

Columbus is an emerging market in the Midwest. It offers a good mix of solid growth and affordability. The unique conditions make it a great option for multifamily real estate investing.

• Median Property Price: $277,000
• Occupancy Rate: 92%
• Cap Rate: 6.8%
• Price-to-Rent Ratio: 15
• Average Rent: $1,530

10. Dallas, Texas

The final destination on our list of the best investment property locations is Dallas, Texas. Dallas is one of the nation’s largest apartment markets. It benefits from diverse job growth and no state income tax.

• Median Property Price: $390,000
• Occupancy Rate: 89%
• Cap Rate: 5-5.5%
• Price-to-Rent Ratio: 18
• Average Rent: $1,800

Make the Right Move in 2025 with OpenPath

Ready to add properties from one of the best cities for real estate investment to your portfolio? OpenPath Investments is the ideal partner. Our organization is committed to making a positive impact on the communities surrounding our properties while also generating strong financial returns for our clients.

Get in touch with OpenPath to gain access to prime multifamily investment opportunities.