Its been an exciting year for multi-family housing and apartment construction in Southeastern United States, especially in Central Florida. Lucrative investment opportunities and economic growth are fueling new construction and renovations.
The area’s multifamily occupancy rates boast of being 93%, while rents are increasing. The region’s workforce is expanding, millennials are attracted to the area and the economic growth is expanding. Driving up the need for apartments, which is great news for investors.
According to a recent article in Forbes, ‘Best Buy Cities: Where to Invest In Housing in 2018’,
The land of Mickey Mouse and Harry Potter World takes the No. 1 spot this year.
That optimism is thanks in large part to Orlando’s 7.1% job growth over the past two years and 7.6% population growth over the last three. In general, Orlando does well when America at large is doing well, since its economy depends largely on tourism.”
Jacksonville, Florida was ranked number 3
Raleigh – Durham North Carolina number 4
Nashville – Davidson-Murfreesboro, Tennessee number 6
Atlanta – Sandy Springs – Marietta, Georgia number 7
Augusta – Richmond County, Georgia and South Carolina number 15
Charlotte – Gastonia – Concord, North and South Carolina number 16
North Florida is also seeing a strong demand for apartment living. The Jacksonville Daily Record reports, “The inventory of apartments is growing, vacancy rates are shrinking and rents are rising, all indications of a continuing robust residential rental market in Northeast Florida.”
The strong growth in populations and jobs is a good indication the occupancy level will remain high. The remains a very good investment with the rental rate growth and high demand for apartment living.
The goal at SWET Construction Group is to maximize the value of multifamily housing investments. Focusing on enhancing the value of your real estate investment. Our leadership team is powered by our proven track record and key industry relationships.