While the headline-hitting surge in immigration last year was mainly driven by a spike in unauthorized movement, legal immigration has picked up from its pandemic lows, which is good news for many multifamily markets across the US. With top destinations such as Miami, San Jose and San Francisco experiencing strong domestic outflows, we expect the boost to demand from foreign-born households to help maintain stronger demand in these dependent metros.
We have recently launched our new US Migration Dashboard to accompany this note where clients can view state and metro level data.
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