The Southeast remains one of the fastest-growing regions in the U.S., with major cities experiencing strong population and job growth. As people migrate for affordability, job opportunities, and quality of life, multifamily demand continues to rise in key metros like Nashville, Knoxville, Atlanta, Louisville, Birmingham, Huntsville, Charlotte, Raleigh, and Charleston.
This article compares the population and job growth trends in these metros against the national average, highlights the industries fueling job expansion, and explains why these trends make the Southeast a prime market for multifamily investment.
Population Growth Trends: Southeast vs. U.S. Average
While the U.S. population grew by 2.0% from 2020-2024, major cities in the Southeast have far outpaced this growth. Lower taxes, a pro-business climate, and strong employment markets continue to attract new residents.
Population Growth in Southeast Metros vs. U.S. Average (2020-2024)
The chart above shows that:
- Huntsville (7.4%), Atlanta (6.8%), and Nashville (6.5%)lead in population growth.
- Charlotte (6.1% and Raleigh (5.8%) are expanding rapidly due to job opportunities.
- Knoxville (5.2%) and Charleston (5.4%) continue to attract residents.
- The U.S. average is only 2.0%, making these metros stand out as high-growth markets.
Job Growth and Economic Expansion
In addition to population growth, job expansion is a major driver of multifamily demand. The Southeast is attracting corporate headquarters, manufacturing plants, and technology hubs, fueling employment opportunities across various industries.
Key Job Growth Trends by Metro:
- Nashville & Atlanta: Rapid expansion in technology, healthcare, and logistics.
- Huntsville: A leading hub for aerospace, defense, and high-tech manufacturing.
- Charlotte & Raleigh: Major growth in finance, biotech, and corporate headquarters.
- Louisville & Birmingham: Strong in automotive, healthcare, and logistics.
Top 5 Reasons for Population Growth and Migration
1. Affordable Cost of Living
- Homeownership and rental prices are significantly lower than in coastal states.
- No state income tax in Tennessee and Florida makes it attractive for high earners.
2. Job Opportunities & Business Growth
- Cities like Charlotte, Nashville, and Huntsville continue to add high-paying jobs.
- State and local governments offer business-friendly tax incentives.
3. Favorable Climate & Lifestyle
- Warmer weather and abundant outdoor activities attract families and professionals.
- Urban renewal projects are making cities more walkable and attractive.
4. Lower Taxes & Cost of Living
- No state income tax in Tennessee, Florida, and Texas.
- Lower property taxes than the Northeast and West Coast.
5. Infrastructure & Real Estate Development
- Major metros are investing in new transit systems and urban development.
- Secondary markets like Knoxville and Huntsville are experiencing a real estate boom.
Why This Matters for Multifamily Investors
1. High Demand for Rental Housing
As job seekers and retirees move to the Southeast, demand for rental units remains strong, keeping occupancy rates high.
2. Strong Rent Growth
Markets like Atlanta, Charlotte, and Nashville** are seeing annual rent increases of 6%-8%, outpacing inflation.
3. Investment Stability and Long-Term Appreciation
The combination of job creation, migration, and affordable living costs makes these cities attractive for long-term multifamily investments.
Final Thoughts: Why the Southeast is a Multifamily Investment Hotspot
With higher-than-average population and job growth, the Southeast continues to be one of the most attractive regions for real estate investors.
Markets like Atlanta, Nashville, Charlotte, and Huntsville are outperforming the national average, offering investors strong rent growth, low vacancy rates, and long-term appreciation potential.
