More people move out of NJ every year than move in (negative migration) because of these factors.

We're even seeing Denver home-shoppers and investors buying in our northern neighborhoods, contributing to the net out-migration that is being reported for Denver based on the cost of housing there. 

There is net migration into both TX and AZ - outflow from CA.

The midwest has been seeing a lot of capital migration to the area.

Cold belt states can go for higher cap rates but also can take longer to re-tenant versus the warm belt states that are growing at a very fast pace with the retirees migrating away from the cold belt states.Some cold belt states have some excellent areas with great pockets of growth but not as expansive as the warm belt states.Hope it helps some.

The Southeast seems to be where lots of the US population is migrating to so I say invest there. 

You also right about a non-compete agreement but in the reality all employee moving/migrating from one property management company to another all the time.

In my experience, the market cap rate is directly correlated to the migration of outside capital into the local markets.

As long as net migration remains as it is, the party rages on! 

We can create equity in multifamily real estate by investing in our assets to grow rent, improve vacancies and by cutting expenses 5.Avoid high end real estate – high end real estate always gets hit first in any downturn as people migrate from more expensive to less expensive homes.