The rise in multi-family housing in the Southeastern United States, makes it an exciting time to become a part of the apartment industry.
A combination of influences has increased the amount of renters by 9 million in just the last 10 years.
This is the largest increase on record, due to a change in consumer preferences, population growth, demographic trends, Millennials moving out of their parents house, and Baby boomers downsizing. Vacancy rates are remaining low, while rents continue to rise, about 3 percent annually.
For instance, Orlando is leading the nation in job growth, population growth, and of course, rent growth. With this, construction of new multi-family housing is on the rise. While existing properties and developments are undergoing partial and even complete renovation to generate an increase in rent.
“While the central Florida multifamily housing market remains strong, challenges with affordability remain. At this time, the average rent in central Florida is $1,100 per door. In light of rising rents, local governments are heightening their focus on affordability policies. During an open response poll conducted at the event, participants confirmed this challenge and cited housing affordability as one of their most prevalent concerns,” according to Apartment Association of Greater Orlando (AAGO).
To keep pace with today’s industry, it is important to incorporate high quality materials, unique details, entertainment elements, current trends, colors, and styles, to create a unique living environment to fit the community and draw in tenants.
Since your building is the first thing your visitors and guests see, make sure the appearance is aesthetically pleasing and is a good representation of your company. Painting adds value to your property at a minimum expense, compared to replacing materials. If you are considering a rent increase, it may be easier to justify with added curb appeal and fresh, clean interior, it will be so nice your tenants won’t want to leave.
At SWET Construction Group we work closely with you during every phase of the project, from feasibility and scope development, through engineering and construction work. Our thorough process ensures an unparalleled level of efficiency