Population growth creates a consistent and predictable demand for housing. You want the population in the city where you buy your property to be growing.
Job Growth
More people in a state with a low unemployment rate can afford to pay higher rents. If the local economy is thriving, you can expect higher population growth and job creation to increase the demand for rental properties.
Local Taxes
Real estate has several tax advantages like QBI deduction for rental property, 1031 exchanges, depreciation, etc., and you need to consider your tax planning strategy when picking different assets to invest in.