Birmingham's population has shown a modest increase, reaching approximately 1,192,583 in the fourth quarter of 2026, reflecting a year-over-year growth of 0.7%. This follows a consistent upward trend from 1,114,262 in 2021. The region has experienced net migration of 12,306 individuals, contributing to a diverse demographic landscape. The median household income stands at $74,954, while the unemployment rate is relatively low at 3.8%. With 29.2% of the population identified as renters, these factors collectively indicate a stable demand for housing in the area.
In the multifamily sector, year-over-year rent growth has been recorded at 4.7%, with the median gross rent remaining steady at $1,262. Current HUD Fair Market Rents for a two-bedroom unit are benchmarked at $1,771, which is notably higher than the median gross rent, suggesting that affordability remains a concern for many renters. The asking rents for various unit types, including studios at $998 and three-bedroom units at $1,583, indicate a competitive rental market, although the growth in rents may be outpacing income growth for some households.
In capital markets, the multifamily cap rate is currently at 7.19%, which is about 15 basis points wider than the national median of 7.04%. Over the trailing 24 months, there have been 81 transactions with a total volume of approximately $88 million, resulting in a median price per unit of $75,000. This price point is significantly lower than the 50-market median of $199,975, indicating a more affordable investment landscape in Birmingham. The market's fundamentals suggest a stable outlook, although ongoing rent growth and demographic trends will be critical to monitor.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2025-05-08 | 1738 31st Street Ensley, Birmingham, AL 35208 | Multifamily | 2 | $248K | $124,000 |
| 2025-05-05 | 914 14th St SW, Birmingham, AL 35211 | Multifamily | 18 | $1.3M | $73,611 |
| 2025-04-22 | 1418 15th St S, Birmingham, AL 35205 | Multifamily | 4 | $340K | $85,000 |
| 2025-04-21 | 1222 10th Ave N, Birmingham, AL 35203 | Multifamily | 2 | $199K | $99,500 |
| 2025-04-09 | 2324 26th Street Ensley, Birmingham, AL 35208 | Multifamily | — | $110K | — |
| 2025-04-02 | 1105 Cotton Ave SW Unit Cotton Ave SW unit, Birmingham, AL 35211 | Multifamily | 8 | $570K | $71,250 |
| 2025-04-01 | 1907 2nd Ave, Irondale, AL 35210 | Multifamily | — | $178K | — |
| 2025-03-28 | 131 19th St N, Birmingham, AL 35210 | Multifamily | 2 | $178K | $89,000 |
| 2025-03-21 | 5311 5th Ave S, Birmingham, AL 35212 | Multifamily | 4 | $180K | $45,000 |
| 2025-03-21 | 2129 31st Street Ensley, Birmingham, AL 35208 | Multifamily | 10 | $570K | $57,000 |
| 2025-03-20 | 1720 Cullman Ave Unit 3, Birmingham, AL 35208 | Multifamily | 6 | $305K | $50,833 |
| 2025-03-17 | 100 Huntley Apartment Dr, Pelham, AL 35124 | Multifamily | — | $384K | — |
| 2025-03-14 | 7532 2nd Ave S, Birmingham, AL 35206 | Multifamily | 3 | $175K | $58,333 |
| 2025-03-06 | 416 Miles Ave, Birmingham, AL 35214 | Multifamily | 1 | $216K | $216,000 |
| 2025-02-26 | 2705 20th Ave N, Birmingham, AL 35234 | Multifamily | 10 | $250K | $25,000 |
| 2025-02-25 | 1348 41st Street Ensley, Birmingham, AL 35208 | Multifamily | — | $260K | — |
| 2025-02-24 | 7745 Madrid Ave, Birmingham, AL 35206 | Multifamily | 4 | $315K | $78,750 |
| 2025-02-24 | 8000 1st Ave S, Birmingham, AL 35206 | Multifamily | 7 | $400K | $57,143 |
| 2025-02-21 | 2000 10th St, Birmingham, AL 35204 | Multifamily | — | $700K | — |
| 2025-02-20 | 1522 19th St S, Birmingham, AL 35205 | Multifamily | 4 | $300K | $75,000 |
| 2025-02-14 | 1226-1228 29th St, Birmingham, AL 35205 | Multifamily | — | $275K | — |
| 2025-02-14 | 1825 15th Ave N Unit 18, Birmingham, AL 35234 | Multifamily | 18 | $880K | $48,889 |
| 2025-02-14 | 4928 Fulmar Dr, Irondale, AL 35210 | Multifamily | — | $258K | — |
| 2025-02-13 | 2428 21st Ave N Unit C, Birmingham, AL 35234 | Multifamily | 10 | $1.3M | $127,500 |
| 2025-02-05 | 700 Graymont Ave W Unit 2, Birmingham, AL 35204 | Multifamily | 8 | $505K | $63,125 |
| 2025-02-03 | 712 47th St N, Birmingham, AL 35212 | Multifamily | 10 | $495K | $49,500 |
| 2025-01-30 | 244 McCormick Ave, Birmingham, AL 35215 | Multifamily | — | $151K | — |
| 2025-01-21 | 4401 Debardeleben Ave, Fairfield, AL 35064 | Multifamily | 4 | $135K | $33,750 |
| 2025-01-15 | 1008 15th Pl SW, Birmingham, AL 35211 | Multifamily | 4 | $216K | $53,875 |
| 2025-01-15 | 2712 31st Ave N, Birmingham, AL 35207 | Multifamily | 125 | $4.8M | $38,000 |
| 2025-01-07 | 2300 Grayson Valley Dr #2300, Birmingham, AL 35235 | Multifamily | 9 | $108K | $12,000 |
| 2025-01-03 | 941 Mitchell Hill Rd, Gardendale, AL 35071 | Multifamily | — | $354K | — |
| 2025-01-03 | 206 1st St S, Clanton, AL 35045 | Multifamily | 1 | $177K | $177,000 |
| 2024-12-26 | 5345 Georgia Rd, Birmingham, AL 35212 | Multifamily | 4 | $290K | $72,500 |
| 2024-12-23 | 1144 Forest St, Birmingham, AL 35217 | Multifamily | 4 | $160K | $40,000 |
| 2024-12-13 | 7423 2nd Ave S, Birmingham, AL 35206 | Multifamily | 1 | $170K | $170,000 |
| 2024-12-11 | 3009 Avenue W, Birmingham, AL 35208 | Multifamily | 4 | $319K | $79,750 |
| 2024-12-10 | 7421 2nd Ave N, Birmingham, AL 35206 | Multifamily | 2 | $170K | $85,000 |
| 2024-12-10 | 7421 2nd Ave S, Birmingham, AL 35206 | Multifamily | 1 | $170K | $170,000 |
| 2024-12-06 | 1140 4th Ave W, Birmingham, AL 35204 | Multifamily | 4 | $1.0M | $250,000 |
| 2024-12-06 | 1128 4th Ave W, Birmingham, AL 35204 | Multifamily | 4 | $1.0M | $250,000 |
| 2024-12-06 | 1124 4th Ave W, Birmingham, AL 35204 | Multifamily | 20 | $1.0M | $50,000 |
| 2024-12-06 | 1132 4th Ave W, Birmingham, AL 35204 | Multifamily | 4 | $1.0M | $250,000 |
| 2024-12-06 | 1136 4th Ave W, Birmingham, AL 35204 | Multifamily | 4 | $1.0M | $250,000 |
| 2024-12-06 | 8153 2nd Ave S, Birmingham, AL 35206 | Multifamily | 2 | $233K | $116,500 |
| 2024-12-04 | 2830 29th Place Ensley, Birmingham, AL 35208 | Multifamily | 4 | $300K | $75,000 |
| 2024-12-04 | 1540 Cooper Hill Rd, Birmingham, AL 35210 | Multifamily | 6 | $4.6M | $770,833 |
| 2024-12-04 | 1525 Cooper Hill Rd, Birmingham, AL 35210 | Multifamily | 10 | $13.9M | $1,387,500 |
| 2024-12-04 | 7736 Rugby Ave, Birmingham, AL 35206 | Multifamily | 9 | $245K | $27,222 |
| 2024-11-25 | 1727 11th Pl S, Birmingham, AL 35205 | Multifamily | 1 | $235K | $235,000 |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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