The skyrocketing rents in southeastern US, has multifamily housing owners and investors reaping the benefits. A recent report from CoStar, a real estate analytics firm, looks at the rent growth in the Southeast apartment market.
The report looked at midsize multifamily housing annual rent increase, seven out of the top 20 markets were in Florida, including Fort Myers, Sarasota, Naples, and Lakeland.
According to the Business Observer the report notes, “builders are looking to capitalize on the strong rent growth observed in many of these smaller metropolitan areas and are busy breaking ground on new projects to meet recent demand trends.”
“Places such as Myrtle Beach, Naples, Fort Myers and Lakeland rank as some of the most supply-heavy midsized metropolitan areas in terms of supply underway and net completions as a percent of inventory,” the report adds, citing National Association of Home Builders data.
“But the increase in supply could take years to meet the newfound demand, and each of these fast-growing cities rank highly for both apartment demand and rent growth,” the report adds. “Remote work trends, the acceleration of retirements and tight, single-family for-sale inventories have increased the appetite for renting in smaller markets with limited existing supply.”
The report also states, “That lack of earlier investment has put extreme pressure on the existing multifamily rental supply, with stabilized vacancy rates, which account only for properties 18 months or older, at around 3%.
Even in times of great demand for multifamily housing, you need to partner with a construction group you can trust.
Here at SWET Construction, we are committed to building quality relationships with our clients and create living environments, families want to live while protecting construction cost and quickly responding to emergency situations.
We start with a comprehensive, detailed design incorporating all phases of the project. Ensuring the design specifications stays on budget and within the time restraints. Multifamily housing is becoming healthier, smarter and all-inclusive. SWET Construction Group understands the big picture and well as the small details.
We have the experience and knowledge to handle large multi-family construction to a more modest dimensions. We take pride in our professionalism and innovative approach, we are known for our quick turn around on projects and being cost efficient.
We encourage you to contact SWET Construction Group to discuss your building project. Our professionals will show you, examples and discuss options. We are able to work within your budget and will suggest cost saving options for your project.
Contact SWET Construction Group for your next project.