Top 10 Markets for Multifamily Transactions

The U.S. multifamily sector saw a slight uptick in transaction and investment volume in 2025, following sluggish performance in 2024. Although the figures haven’t significantly improved, investor sentiment is slightly more optimistic.

National sales were up more than 10 percent year-over-year, from $88.1 billion in 2024 to $97.3 billion, Yardi Matrix data shows. Additionally, the U.S. average price per unit also increased on a 12-month trailing basis through December, from $147,736 to $151,951.

Here are the top 10 markets for multifamily investment in the country in 2025. These metros accounted for more than a third of last year’s total sales.

1. Seattle

Seattle ranked first nationally in terms of multifamily transactions last year, according to Yardi Matrix information. The market saw more than $4.4 billion investment volume from the 84 assets totaling 16,045 units that changed hands.

Sales in the metro almost doubled compared to the previous year, when 51 properties—9,083 apartments—traded for almost $2.4 billion, the largest increase from this list. The average price per unit also rose year-over-year, from $258,736 to $263,478.

The market also saw the largest year-over-year increase in the average price per unit for apartments belonging in the lifestyle category, increasing $75,185 to $356,773.

The metro logged multiple transactions exceeding $100 million. In one of the largest single-asset deals of last year in the metro, The Sobrato Organization purchased Soma Towers in Bellevue, Wash., for $192.9 million. Su Development sold the 273-unit, two-building community for almost $707,000 per unit.

2. Dallas

Dallas saw 230 multifamily properties trading last year, encompassing 56,637 units—the largest figures from this list. The metro’s total investment reached almost $4.4 billion, above the numbers from 2024, when 213 assets—49,447 apartments—traded.

Additionally, the Metroplex ranked first nationally for multifamily deliveries, with 157 communities coming online in 2025.

The average price per unit slightly dropped from the previous year, from $84,988 in December 2024 to $76,857. This year’s index was almost half the $151,951 national threshold.

The Metroplex saw a 29 percent year-over-year decrease in the total sales volume for renter-by-necessity apartments, from $1.4 billion to just $968.2 million. However, lifestyle sales rose from $2.6 billion in 2024 to $3.3 billion in 2025.

At the end of the year, KKR acquired a two-community collection encompassing 673 apartments in Irving, Texas. Lone Star Funds sold the assets using funds from a $118 million loan.

3. Phoenix

Phoenix ranked third, with multifamily sales totaling about $4.4 billion last year—up more than 19 percent from 2024. Transaction activity also increased, with 87 communities comprising 17,798 units changing hands, compared with 69 assets and 15,835 units the year before, when volume reached $3.7 billion.

The average price per unit rose from $230,866 to $244,853. This figure was also more than 60 percent above the national average. Most of the assets that traded belonged to the lifestyle sector. A total of 33 properties were in the renter-by-necessity category, while five were fully affordable.

In May, a joint venture between P.B. Bell and PCCP LLC sold Zaterra, a 392-unit luxury community in Chandler, Ariz., for $137.5 million. Ares Management acquired the property for $350,765 per unit, more than 43 percent above last year’s average.

4. Atlanta

Atlanta’s multifamily investment volume in 2025 clocked in at less than $4 billion, dropping almost 11 percent compared to the previous year, when assets traded for $4.4 billion in total.

The average price per unit saw the sharpest decline year-over-year among these metros, dropping from $166,742 to $156,005. Almost 25,020 units across 106 communities traded last year, below the 26,666 apartments across 117 properties that changed hands in 2024.

The metro saw a drop in the number of lifestyle properties that changed hands, from 71 to just 55, and the fully affordable communities, from 11 to four. On the other hand, the renter-by-necessity sector saw an increase, from 35 assets to 47.

In September, a joint venture between Related and Rockpoint sold Timberline View, a 360-unit asset in Buford, Ga., for $305,556 per unit, well above last year’s average. DBG Properties and GSL Properties paid $110 million for the 2023-completed community.

5. Chicago

Rounding out the top five metros is Chicago, which clocked in at $3.7 billion in sales from the 89 assets—16,468 apartments—that were sold. These figures were more than $1 billion above the $2.7 billion registered in 2024, when 72 properties totaling 13,257 apartments traded.

The metro registered the highest sales for the renter-by-necessity sector among this list, clocking in at $1.2 billion. A total of 44 assets belonging to this category traded, above the 29 properties that changed hands in 2024.

The average price per unit for Chicago communities rose almost 14 percent year-over-year, from $199,069 to $226,409. This figure was also well above the $151,951 national average.

6. Miami

Miami’s multifamily sales volume totaled $3.6 billion in 2025, a 48 percent year-over-year increase from $2.4 billion. The average price per unit also jumped, rising from $199,155 to $261,309—the largest year-over-year increase among the markets on this list.

A total of 56 properties—13,923 units—changed hands in 2025, a slight improvement from the 53 communities encompassing 12,209 apartments that were sold in 2024.

Investors continued to focus their capital on assets belonging to the lifestyle sector. Sales for this category rose 80 percent year-over-year, while the renter-by-necessity sector saw an almost 12 percent drop. Only one fully affordable community traded, compared to five in 2024.

7. Houston

Houston is the second Texan market on this list, with $3.3 billion in multifamily sales. The metro saw a considerable increase in properties traded, from 162 assets—39,121 apartments—changing hands in 2024 to 178 communities comprising 47,277 units.

However, the market saw the lowest average price per unit from this list, clocking in at $69,952. This figure was also below the $70,545 registered in 2024.

In Houston, investors leaned further into renter-by-necessity communities, with sales rising from 61 properties in 2024 to 81. Average pricing increased for both RBN and lifestyle assets, while fully affordable properties saw a notable decline, with the average price per unit falling from $100,518 to $88,635.

8. Boston

Last year, Boston’s multifamily sector experienced growth in both transaction activity and investment volume. A total of 43 properties encompassing 8,716 units traded last year for more than $3.2 billion. This represents an increase of more than 29 percent in sales compared to 2024, when 39 assets totaling 6,712 apartments were transacted for $2.5 billion.

The metro registered the highest average price per unit among this list, clocking in at $346,859, more than double the national average. The figure was also above the $332,466 average from 2024.

Additionally, the market also had the largest year-over-year increase in terms of renter-by-necessity sales, from $442.3 million to $921.5 million. RBN communities commanded the highest average price per unit among the top 10 metros for multifamily sales, reaching $271,669.

9. Los Angeles

Los Angeles registered $3.2 billion in multifamily investment volume last year. A total of 75 communities encompassing 10,789 units traded, up from the 66 assets—10,211 apartments—that were sold in 2024 for $2.7 billion.

The metro’s average price per unit rose year-over-year, climbing from $263,651 to $277,904. At the same time, renter-by-necessity assets posted the steepest price drop, with the average price per unit declining 14 percent.

While investors allocated more capital to lifestyle communities than in 2024, that segment still recorded the lowest sales volume among the top 10 metros for multifamily transactions.

10. Denver

Rounding out the top 10, Denver recorded 60 multifamily trades totaling $3.1 billion in 2025—down sharply from $4.7 billion in 2024, when 90 properties changed hands. The decline represents the largest pullback in investment volume among the markets on this list.

The number of units sold also dropped, from 18,982 to 12,368. The metro posted the steepest decline in renter-by-necessity transaction volume as well, with sales sliding from roughly $1 billion to $397.8 million.

The metro’s silver lining lay in the fully affordable sector. Even with fewer properties trading, the average price per unit in this category climbed sharply, rising from $33,989 to $193,987.