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The price per unit for multifamily properties has increased 156% in 10 years, reaching nearly $160,000, according to a new study from CommercialSearch, a public-facing listings marketing platform and the newest component in Yardi System’s network of commercial real estate websites. This increase surpasses median home sales prices, which rose 58% over the past decade, and rental rates, which experienced a 37% boost.

The price per unit that multifamily properties are selling for has gone from $62,371 a decade ago to nearly $160,000. In addition, some large markets such as Manhattan, San Francisco, and Seattle saw price per unit increases higher than 200% in 10 years.

According to the study, which used Yardi Matrix and PropertyShark data for transactions between Jan. 1, 2009, and Dec. 31, 2020, the nation has seen more than $912 billion in multifamily deals in the last decade. In 2009, multifamily deals registered $13.4 billion, while nearly $130 billion in multifamily sales closed in 2019 and more than $82 billion closed last year.

Dallas-Fort Worth ranked as the hottest market for multifamily deals over the past decade, with 2,227 transactions totaling 516,693 units completed during this time. Atlanta and New York City followed, with 2,134 and 1,791 deals, respectively.

Dallas-Fort Worth and Atlanta continued their momentum in 2020, closing 146 and 132 deals, respectively. However, New York City fell out of the top due to the impact of the COVID-19 pandemic, with only 26 deals closed last year. Taking its spot in the ranking was Phoenix, with 125 deals.

Since 2009, New York City and Atlanta each completed more than $50 billion in multifamily sales, outpacing the most active markets.

Other markets have seen substantial growth almost overnight, according to CommercialSearch. For example, Austin, Texas, had $390 million in sales in 2010, nearly quadrupled that to $1.65 billion two years later, and has been around $2 billion annually since 2014. The Las Vegas market had less than $500 million in multifamily sales in 2012 but closed more than $1.1 billion in 2013 and kept growing to nearly $3.5 billion in 2019.

Seattle as well as North Carolina’s Research Triangle and Charlotte also has seen steady year-over-year growth. Charlotte had $76 million in sales in 2009 and closed out 2020 at nearly $3 billion. Seattle experienced a 2,397% increase, going from $270 million to $6.8 billion in 2019. It then slowed to $1.9 billion in sales last year.