The westward migration isn't a particularly inspiring trend for newcomers, businesses or investors.

If I recall correctly they are interested in more urban living and are migrating closer to the city centers.

further Thomas... as all i do is value add... but we have to determine which areas to value add.you don't want to value add in the hood... or like Morris invest version of value add.so one little tale is how i found Charleston SC 5 years ago.. market was rebounding but not there yet.. was not a cash flow market so to speak with returns in the 4 to 5% range.. but did not take to much brain power to realize that Boieng moving the 787 to Charleston and investing a billion dollars.and looking at long range growth Volvo building a plant  Mercedes building plant  etc etc.. we could deduce that there would be in migration.. so i started buying lots.. now lots don't cash flow they are inventory to build houses.on one street..

There is the new arena, the quickly growing and rising rental market, job opportunities, and anecdotally the many people migrating from the bay area.Would be happy to chat more if I can help in anyway, just let me know!

Tenants do not migrate like birds and tend to move whenever the need arises, they move 12 months of the year.

However, employment is high and the city had negative migration for the past couple of years because of it.

Look at employment trends, jobs and job growth, migration, and other economic drivers.

I can't document it but heard someplace the CA has a net out migration. 

There is a lot of demand from renters in these price points.As for the properties you described as B Class, I would say that both Alex (as the owner of his company) and my family (as owners of ours) as well as at least one other vendor in Memphis all migrated up the chain to find better properties in better areas of town.  

If you give it another 12-18 months, I'm confident that these things will become increasingly obvious.The middle class migration to cheaper markets (Dallas, Austin, San Antonio, Charlotte, Phoenix, etc.) and tech center growth (San Francisco, San Jose, Oakland, Seattle, Austin etc.) has impacted the cycle a bit, so the drops may be less severe in these high population/job growth forecast markets, but nonetheless there will eventually be a flattening and price drop.The more interesting question is: in markets with an increasing trend line, will the next bottom have prices so high and rents not high enough that I cannot buy and cash flow?