In market identification, people often talk about: population growth, job market, rent-to-price, median income etc etc.
However, putting aside these obvious elements, do you apply the same criteria for identifying the market for SFH vs MFH?
Let's take Buckeye AZ for an example. Dave Meyer (BiggerPockets Data VP) mentioned earlier this year how it has an attractive Rent-to-price and population growth. Now.. if you have been to Buckeye AZ, you don't often see people renting an apartment unit as the rents are relatively cheap for a single house.
Hence, how do you identify a market/city that's good potential for Multifamily? Should you filter your analysis only based on Multifaimly-rent-to-price ratio? Or do you factor in per-unit prices? (I am not even sure if this is readily available data) Do you segregate your data SFH vs MFH? How do people usually do this?