The multifamily market in Huntsville is currently seeing a boom that the city has never experienced. Currently, the city has 37,321 completed units, with another 10,701 under construction and 6,374 proposed or planned. These growth numbers can be attributed to a multitude of factors including a massive corporate flight to Huntsville, a housing shortage that the city faced in 2020 and 2021 which drove up single-family home prices, impressive occupancy and rent growth numbers, cheap borrowing power, and low barriers to entry.
The primary industries in Huntsville are Aerospace, Defense, Information Technology, Bioscience, and Advanced Manufacturing as 18 of the top 20 Government Contractors have a presence in the Huntsville MSA. Due to the strong and wide-ranging industries in Huntsville, the metro area has an impressive average household income of $94,763 (ASmartPlace). Additionally, the Huntsville job market continues to show strong economic growth, which is helping to absorb the increased supply. Some recent investments include the FBI’s $2.48 billion campus (5,200 jobs) as well as Mazda Toyota’s $2.31 billion plant (4,000 jobs). Furthermore, in the next 40 years, the city is expected to see employment growth of 76% (24/7 WallStreet).