Multifamily housing in the Southeastern US continues to be a very lucrative investment. Cities in Florida such as Orlando, Jacksonville, and Tampa, have seen historic rents and they are just getting higher.
According to a recent article in Tampa Bay Times, “Investors see opportunity in Tampa Bay’s apartment buildings. That could spell bad news for the people renting them.”
Virtually no neighborhood in Tampa Bay has been exempt from rising rents over the past year, according to numbers from CoStar Group, a commercial real estate data company. The rate that Tampa Bay’s rent increased over the past year vastly outpaced the national average, the company found, ranking sixth-highest in the country. That put it higher than every other large market except parts of southern California, Phoenix, Albuquerque, Tucson and Sacramento.
Still, some neighborhoods’ rents have risen faster than others.
Downtown St. Petersburg’s rents rose 5.5 percent over the past year in multifamily apartment buildings, while Downtown Tampa’s increased by 7.7 percent. Rents in Westchase spiked by 12.5 percent, according to CoStar.
Keeping up with today’s Multifamily Housing
Multi-Family housing isn’t the same as decades ago. Today’s construction consists of sound resistant walls, elegant decor, plush landscaping, work out facilities, gardens and open floor plans. Creating a lifestyle where families can raise children and enjoy life.
Success of Your Project
Multi-Family construction projects can range from a thousand dollars to millions. For that reason the contractor you choose for your project should be experienced and capable of handling your type of project. Completing the job in a professional, cost-effective and efficient manner as possible plays a crucial role in the total success.
The multi-family construction industry is highly competitive, this includes new building and renovation of apartments, condominiums, hospitality and assisted living facilities. Partnering with SWET Construction Group will not only keep your construction costs low while achieving a beautiful architectural design, they will ensure your project is a great success by displaying quality traits such as preparedness, flexibility and awareness.