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Recently, U-Haul released its data for 2024, revealing migration trends that multifamily investors must dissect with precision to stay ahead in a competitive landscape. The U-Haul Growth States report places South Carolina at the top for the first time, signaling a shift in migration patterns that favor the Southeast and Southwest—regions with compelling economic tailwinds and lifestyle advantages. States such as Texas, North Carolina, Florida, and Tennessee continue to dominate the top five, showcasing their sustained appeal for businesses and residents alike.
Top 10 Growth States of 2024
South Carolina
Texas
North Carolina
Florida
Tennessee
Arizona
Washington
Indiana
Utah
Idaho
South Carolina’s remarkable ascent, with a net inbound migration rate of 51.7%, reflects the state’s growing industrial footprint, competitive cost of living, and strategic location along major transportation corridors. Texas and Florida, often hailed as economic powerhouses, continue to attract a blend of corporate relocations and a workforce seeking opportunity-rich environments. Notably, Indiana and Oklahoma emerged as significant gainers, showcasing the rising potential of markets that were historically under the radar.
Migration Trends: Key Insights for Multifamily Investors
The U-Haul Growth Index isn’t merely a ranking; it’s a roadmap to understanding the nuanced dynamics shaping housing demand across the country. Here’s how investors can leverage these insights:
Target Emerging Regional Hubs: South Carolina and North Carolina are benefiting from large-scale industrial investments, such as electric vehicle manufacturing plants and supply chain hubs. Recently announced investments include BMW Group: A $1.7 billion investment to build electric vehicles at its Spartanburg plant, with plans to produce at least six fully electric BMW models by 2030; Envision AESC: An $810 million battery cell factory in Florence County to supply BMW’s next-generation EVs; Scout Motors Inc.: Volkswagen’s subsidiary is investing $2 billion in Blythewood for an electric truck and SUV manufacturing plant, creating over 4,000 permanent jobs; Bosch Group: Over $260 million invested in Charleston to produce electric vehicle motors; and Columbia Vehicle Group: A $12.2 million investment in Aiken County for a new EV manufacturing facility.
Unlock Secondary Market Potential: States like Indiana and Utah are becoming magnets for talent due to affordable living and economic diversification. These regions offer untapped opportunities for multifamily players willing to expand beyond traditional core markets.
Plan for Long-Term Trends: Florida’s consistent performance underscores the importance of focusing on states with demographic tailwinds, such as a growing retiree population and sustained job creation. Investors should think beyond short-term gains and consider how these trends will drive stable demand over decades.
Texas: The Economic Dynamo
Texas remains a dominant player, ranking second on the U-Haul Growth States list. Dallas, in particular, continues to solidify its position as an economic powerhouse with several transformative projects:
AT&T Discovery District: A mixed-use urban hub revitalizing downtown Dallas, attracting businesses and residents alike.
Universal Studios Frisco: A $500 million family-focused theme park, expected to boost local tourism and create significant employment opportunities.
Dallas Innovation District: A collaborative space fostering technology and business innovation, further cementing Dallas as a hub for corporate relocations.
Tesla Expansion in Austin: While not Dallas-specific, Tesla’s Gigafactory impacts the state’s economic profile, attracting workers and contributing to housing demand across Texas.
Strategic Implications for Multifamily Real Estate
The data reinforces what many industry insiders have been observing: migration trends are reshaping the demand landscape for multifamily investments in profound ways. The Southeast’s dominance is a clear signal of its ascendancy as the nation’s economic engine. From manufacturing booms in South Carolina to tech-driven expansions in North Carolina, these states are not just attracting people; they are redefining economic geography.
For investors, this shift demands a recalibration of priorities. Markets like Texas and Florida, while competitive, remain robust and should continue to be focal points for portfolio expansion. Additionally, Indiana’s significant climb in the rankings highlights the importance of adaptability and forward-looking strategies.
South Carolina’s rise is particularly instructive. Its transformation into a manufacturing and logistics powerhouse offers a blueprint for understanding how economic development correlates with migration trends. Multifamily investors should monitor local policies, infrastructure investments, and corporate relocations to stay ahead of the curve.
Final Thoughts
The U-Haul Growth States of 2024 report offers a treasure trove of insights for multifamily investors who are willing to dig deep into the data and connect the dots. By aligning investment strategies with emerging economic hubs and staying nimble in the face of shifting migration patterns, investors can position themselves for long-term success. The key is to move beyond surface-level trends and uncover the structural drivers reshaping the multifamily landscape.
P.S. If one of your priorities, like mine, is building and preserving your wealth through multifamily real estate investments, click here to download my new eBook: The Ultimate Guide to Creating & Preserving Your Wealth.
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About Ellie Perlman
Ellie Perlman is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the founding host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
*The content provided on this website, including all downloadable resources, is for informational purposes only and should not be interpreted as financial advice. Furthermore, this material does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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