# Target Markets — Hermance Capital

Ten secondary U.S. metros we track and underwrite for value-add multifamily. Three are **active** today — Indianapolis, Kansas City, and Huntsville — where we're sourcing now. The rest we watch and underwrite deal by deal.

**Data as of July 2026. Sourced below. Refreshed quarterly.**

| Metro | Jobs y/y | Population y/y | Rent-to-income | Supply |
|---|---|---|---|---|
| **Indianapolis, IN** (Active) | −1.1% | +1.02% | 22.1% | 6,075 units delivered 2025; starts doubled in 2025 — supply re-accelerating into softening jobs |
| **Kansas City, MO** (Active) | +0.2% | +0.77% | 20.8% | 8,563 units under construction (Jan 2026) — sizable active pipeline |
| **Huntsville, AL** (Active) | +0.5% | +2.64% | 18.0% | 3,257 under construction; deliveries −28% y/y, permits −32% — normalizing |
| Greenville, SC | +2.2% | +1.45% | 22.7% | Pipeline moderated; absorption keeping pace |
| Wilmington, NC | +2.0% | +2.58% | 24.5% | Under construction down 63% y/y; 16.3% vacancy post-surge |
| Columbus, OH | +0.2% | +0.96% | 20.6% | ~11,000 under construction — supply wave still cresting |
| Omaha, NE | +0.5% | +0.96% | 19.3% | 3,477 under construction; zero Q1-2026 deliveries |
| Des Moines, IA | +0.1% | +1.03% | 17.1% | Pipeline thinning fast (−33% vs. 10-year average) |
| Augusta, GA | +0.2% | +0.89% | 23.2% | Heavy 2025 deliveries (5.4% of stock); smaller forward pipeline |
| Chattanooga, TN | −0.2% | +0.79% | 23.1% | 2026 completions forecast at roughly one-third of 2025 |

Rent-to-income: lower is better (more room for rent growth).

## Sources & method

- **Jobs y/y:** U.S. Bureau of Labor Statistics, Current Employment Statistics (metro series), May 2026 preliminary.
- **Population y/y:** U.S. Census Bureau, Vintage 2025 CBSA estimates (2024→2025).
- **Rent-to-income:** Zillow New Renter Affordability (NRAR), May 2026.
- **Supply:** broker/research reports (Yardi, CBRE, Colliers, Matthews, MMG), dated Q2 2025–Q2 2026.

**Caveats:** May 2026 BLS figures are preliminary and subject to revision. Zillow revised its NRAR back-series; current values aren't comparable to pre-2026 readings. Wilmington's supply figure is the oldest in the set (Q2 2025). Table refreshed quarterly.

## How we use this

Strong market data never makes a bad deal good — it tells us where to spend attention. Every property still has to clear the same gates, whatever the market: positive leverage from day one, at least $100 per unit per month in real cash flow, debt-service coverage we won't stretch to hit, and a business plan that works without heroic rent assumptions. Every sponsor calls their underwriting conservative; we’d rather [show you the gates](https://hermance.capital/learn/how-to-vet-a-sponsor) than claim the adjective. Markets earn their place on this list continuously, not once.

*This page is general market information, not investment advice or an offer of securities. Figures describe metros, not any specific property or offering.*