The latest data from the U-Haul Growth States Report 2024 highlights a clear pattern: domestic migration in the U.S. is shifting toward the Southeast and Southwest. U-Haul, one of the largest moving equipment rental companies in North America, tracks one-way truck rentals to measure where Americans are relocating.
For multifamily investors, this movement is more than a trend—it’s a strategic signal.
Top 10 Growth States According to U-Haul 2024
- South Carolina
- Texas
- North Carolina
- Florida
- Tennessee
- Arizona
- Washington
- Indiana
- Utah
- Idaho
South Carolina Leads, Florida Holds Strong
South Carolina tops the list for the first time, driven by industrial investment, low cost of living, and favorable logistics. At the same time, Texas and Florida remain in the top five—testament to their economic strength, population growth, and investor appeal.
In 2022 alone, Florida saw a net gain of over 90,000 taxpaying households, more than any other state, according to IRS data. The majority migrated from high-tax states like California and New York.
Florida Spotlight: Strength in Tampa and Orlando
Florida’s urban centers continue to attract capital and talent alike, with two standout cities leading the charge.
Tampa
Tampa has emerged as a hub for tech, healthcare, and finance. Infrastructure investments such as Port Tampa Bay and the proposed high-speed rail to Orlando enhance its appeal. In 2023, Tampa recorded NOI growth of over 7%, one of the highest rates among major U.S. metros.
Orlando
Orlando is growing beyond tourism. Major investments from Amazon, Lockheed Martin, and the Lake Nona Medical City are drawing skilled professionals. The Brightline rail now connects Orlando to Miami, improving regional connectivity.
Both cities benefit from Florida’s no-income-tax policy, mild climate, and comparatively affordable living costs. According to the U.S. Census Bureau, only 370 new housing units were built per 1,000 new residents in Florida in 2023—evidence of sustained demand and undersupply.
Emerging Centers and Undervalued Markets
Migration trends highlight opportunity beyond the usual suspects.
North Carolina
Industrial investments in EVs and logistics from BMW, Bosch, and Scout Motors are transforming North and South Carolina. Job growth and inbound migration are driving long-term housing demand.
Indiana & Utah
These secondary markets offer affordability, economic diversification, and talent inflow. They are gaining investor attention for their stability and growth potential.
Strategic Implications for Investors
Migration isn’t just reshaping demographics—it’s redefining value and opportunity in the multifamily sector.
– The Southeast is now the structural growth engine of the U.S. economy
– Texas and Florida remain competitive but fundamentally strong
– Emerging markets like Indiana offer viable long-term entry points
Smart investors align their strategies with demographic and infrastructure shifts, and identify future-proof regions early.
Conclusion: Migration as a Forward Indicator
The U-Haul Growth States Report 2024 is more than a ranking—it’s a roadmap for capital allocation. By acting on structural migration trends, multifamily investors can position their portfolios for resilience, income stability, and long-term value creation.
Florida—especially Tampa and Orlando—remains one of the most promising markets for strategic multifamily investment.
