In August of 2021, the US economy has made a strong come back. The multifamily market is showing promising numbers comparable to pre-pandemic levels, national rent growth has increased by 2.5% YOY in May, and multifamily acquisitions are surpassing both the industrial and office sectors combined. Economic trends like this can be used as major tools that many syndicators and real estate investors apply to their evaluations when deciding where to invest next. A market with strong economic growth and low unemployment rates can indicate a better tenant base and therefore oftentimes higher collection rates, which are key for a strongly performing investment. Alternatively, a market with low economic growth may cause investors to stray away from investing in that market.
In order to calculate economic growth, researchers at Stessa analyzed data from the Bureau of Labor Statistics, the U.S. Bureau, and Redfin, and created a composite score on a scale of 1 – 100 per market-based on the following data points:
- Percentage change in total employment from January to May 2021
- Unemployment rates from May 2021
- Average monthly building permits per capita (averaged over January to May 2021)
- Average monthly home sales per capita (averaged over January to May 2021)
Based on the calculation of these metrics, these are The Top 10 Cities with the Most Economic Growth in 2021 with a population of at least 100,000:
10. Atlanta-Sandy Springs-Alpharetta, GA
- Composite Score: 68.9
- Unemployment Rate: 3.9%
- Percentage Change in Total Employment: 1.1%
- Median Household Income: $59,948
9. Salt Lake City, UT
- Composite Score: 69.9
- Unemployment Rate: 2.8%
- Percentage Change in Total Employment: 1.1%
- Median Household Income: $60,676
8. Tampa-St. Petersburg-Clearwater, FL
- Composite Score: 70.4
- Unemployment Rate: 4.6%
- Percentage Change in Total Employment: 1.0%
- Median Household Income: $53,833
7. Minneapolis-St.Paul-Bloomington, MN-WI
- Composite Score: 71.4
- Unemployment Rate: 3.8%
- Percentage Change in Total Employment: 1.7%
- Median Household Income: $62,583
6. Oklahoma City, OK
- Composite Score: 73.0
- Unemployment Rate: 3.6%
- Percentage Change in Total Employment: 1.3%
- Median Household Income: $55,557
5. Orlando-Kissimmee-Sandford, FL
- Composite Score: 74.7
- Unemployment Rate: 5.4%
- Percentage Change in Total Employment: 2.8%
- Median Household Income: $51,757
4. Jacksonville, FL
- Composite Score: 77.9
- Unemployment Rate: 4.2%
- Percentage Change in Total Employment: 0.8%
- Median Household Income: $54,701
3. Austin-Round Rock-Georgetown, TX
- Composite Score: 77.9
- Unemployment Rate: 4.2%
- Percentage Change in Total Employment: 1.3%
- Median Household Income: $71,576
2. Raleigh-Cary, NC
- Composite Score: 78.6
- Unemployment Rate: 3.8%
- Percentage Change in Total Employment: 1.0%
- Median Household Income: $67,266
1. Nashville-Davidson-Murfreesboro-Franklin, TN
- Composite Score: 78.9
- Unemployment Rate: 3.9%
- Percentage Change in Total Employment: 1.1%
- Median Household Income: $59,828
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About Ellie Perlman
Ellie Perlman is the founder and CEO of Blue Lake Capital, a woman owned multifamily real estate investment firm focused on partnering with family offices and accredited investors to build and preserve generational wealth. Since its founding in 2017, Blue Lake has successfully acquired and operated multifamily assets across high-growth U.S. markets, completing $1B+ in transactions.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn 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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