The new jobs created by the expanding economy will have a positive impact on multi-family housing industry. Cities such as Orlando, Tampa, Miami, and Jacksonville are experiencing significant job growth. Which means more people and renters who will need new apartments to move into and make their home.
Indeed recently released report, the sunny cities of Florida offer job seekers the biggest opportunities. “In today’s America, economic opportunity is migrating from the northeast and midwest to Florida” said Paul D’Arcy, senior vice president at Indeed. “For job seekers looking for opportunity, good pay, job security, and work-life balance, the most attractive cities are in the warm, sunny, and fast-growing cities of the south.”
Today’s new construction will need to have the advantage, with the latest technology, the newest amenities, environmentally “Green” friendly, and have a great location, to keep up with the competition. Close to shopping, entertainment, and transportation.
“Conversely, we see submarkets with great potential, areas that have not been overbuilt and are responding to a higher quality product. These areas include submarkets within Orlando and St. Petersburg, Fla., as well as Atlanta. Another positive factor is the entry into the marketplace of some construction loan funds outside of the traditional banking arena, which are making construction loans of up to 70 percent of cost.” according to Multi-housing News, 2017 Investment Landscape
The article goes on to say what investors in multi-family housing need to be aware of in todays market, “developers need to develop or select properties that have market differentiation, a strategic advantage over competition.”
Partnering with a leader in the multi-family construction industry is vital for success. SWET Construction Group understands the needs and trends of the demographics of the potential renters, allowing your property to attract and keep tenants.
SWET Construction Group works throughout the Southeastern United States. If you have any questions, please contact us.