All-Star Markets during COVID

[Nick Gerli]

Residential real estate has held up surprisingly well during the COVID pandemic. But five markets have performed especially well. I call these the "All-Star Markets". 

They are the only ones to have eclipsed 8% value growth AND 5% rent growth over the last 12 months. 

It's a surprising list:

Syracuse (+8% Value / +7% Rent)
Spokane (+12% / +6%)
Tucson (+10% / +5%)
Phoenix (+12% / +6%)
Memphis (+9% / +7%)

Perhaps Phoenix and Spokane make some sense, but the others left me head scratching. They definitely aren't topping the list of hot markets that people talk about.

I'd love to hear some on the ground perspective from those owning and working deals in these markets. Are you seeing what the data is saying?

[Jonathan McKay]

In Spokane based on my portfolio, I'm seeing what the data is saying. As a buyer it's been tough finding deals. It's going to be tough for new people to get into the market, as everything I've found either is a. off market, b. needs reno, or c. Sells first day. That being said I'm very bullish about the city over the long term due to Washington State's lack of income tax and Spokane's modest cost of living.