Bluerock Homes tops US multifamily REITs in fast-growing workforce counties

Bluerock Homes Trust Inc. holds the largest concentration of multifamily properties among real estate investment trusts in US counties projected to experience a working adult population growth rate of at least 5% over the upcoming five-year period.

The residential REIT maintains 62 properties across the specified counties, representing approximately 9.0% of its total US multifamily portfolio.

Based on data from Claritas Pop-Facts 2027, the working adult population — individuals aged 18 to 64 — is projected to grow by 5% or more in 154 US counties from 2027 to 2032.

In total, 217 multifamily properties are owned by REITs in these counties, according to S&P Global Market Intelligence. The analysis included multifamily properties reported individually in public filings by REITs that trade on the Nasdaq, NYSE or NYSE American.

Mid-America Apartment Communities Inc. holds the second-largest concentration, with 50 multifamily properties in these counties, constituting approximately 16.9% of its total multifamily portfolio.

Camden Property Trust follows with 30 properties, accounting for 17.8% of its multifamily asset holdings.

Top counties by projected working adult population growth

The working adult population is projected to reach 207.2 million in 2032, representing a 0.5% increase from the 2027 projection of 206.2 million.

This age demographic is estimated to comprise 60.1% of the total US population in 2027. By 2032, this proportion is expected to contract slightly to 59.1%.

Seven of the 10 counties with the highest projected working adult population growth from 2027 to 2032 are situated in Texas: Liberty, Chambers, Kaufman, Rockwall, Montgomery, Fort Bend and Williamson. Morrow County, Oregon, exhibits the highest anticipated working adult population growth for the period, at 12.1%.

The leading 10 counties also include Pinal County, Arizona, ranking seventh with an anticipated growth rate of 10.8%, and Long County, Georgia, ranking eighth with a projected growth rate of 10.7%.

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In alignment with the expansion of the working adult demographic, median household incomes in these 10 counties are expected to increase by 2032, with growth rates ranging from 5.6% to 17.7%. Three of these 10 leading counties are forecast to exceed the anticipated US median household income growth rate of 12.8% by 2032.

Most of these 10 counties exhibit lower rent growth, or even declining rents, compared with the national rent price growth rate. As of Sept. 30, the Zillow Observed Rent Index for all US homes and apartments increased 2.7% year over year.

In September, eight of the nine counties with available data in the top 10 for fastest-growing working adult populations posted lower rent price growth than the national rate. Fort Bend County in Texas reported a decline in its year-over-year rent price index, down 0.1%.

By contrast, Long County, Georgia, reported a year-over-year rent price increase above the national growth rate, at 3.6%.

The Zillow Observed Rent Index represents a smoothed measure of the typical observed market rate rent across a region. The index is a repeat-rent index that is weighted to the rental housing stock to ensure it is representative of the entire market, not just homes listed for rent.

Counties with highest proportion of working adults

Aleutians East, Alaska, is projected to record the highest proportion of working adults relative to its total county population in 2027, at 85.4%. This proportion is anticipated to increase to 87.0% by 2032.

Aleutians West, Alaska, holds the second-highest projected concentration, with working adults comprising 84.0% of its total population in 2027. This proportion is projected to decrease marginally to 83.7% in 2032, corresponding with a 2.1% population decline in this demographic from 2027 to 2032.

Issaquena County, Mississippi, is projected to rank third in the proportion of working adults relative to its total population in 2027, at 78.1%.

Among the counties projected to experience a contraction in their percentage of working adults during the analysis period, Loving County, Texas, is anticipated to report a notable proportional decline, decreasing from 73.6% in 2027 to 69.8% in 2032.

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