Home Price vs Multifamily Rent Growth by Market

Home values increased in all of the Top 50 markets over the last year and only two markets saw negative rent growth (San Francisco and San Jose).
The markets with multifamily rents and home prices growing at the most similar rates were: Las Vegas and Atlanta.
Population growth is a good predictor of price and rent growth performance. Those seeing strong year-over-year population growth and office-using job growth (respectively below) were also those with the highest growth in housing costs: like Austin (2.4%, 10.4%), Phoenix (1.2%, 4.1%), and the Inland Empire (0.6%, 8.7%). The opposite was true for cities with relatively stagnant populations.
Austin, Texas was in a class of its own in terms of home price appreciation. In the most recent set of Freddie Mac data, the median home price had increased by nearly 40% year-over-year. Austin attracted new residents and new businesses with high-paying jobs over recent years, which has contributed to the growth in home values.

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