If the first three months of 2021 is anything like the rest of the year, it will be very lucrative for the owners and investors in multifamily housing. Even though Florida was hit hard by the pandemic, the demand for apartment housing is through the roof.
According to RealPage, “Among the largest 150 apartment markets, four of the top ten demand performers in 1st quarter were in the Sunshine State.”
In Miami, quarterly absorption for nearly 3,300 units was the nation’s top performance and accounted for half of the market’s annual demand.
Orlando logged the nation’s third strongest performance (after Austin) in 1st quarter, with demand for nearly 2,600 units, making up nearly half of the market’s total absorption for the year.
West Palm Beach and Tampa ranked as the #9 and #10 national performers, with early 2021 demand for roughly 1,700 to 1,900 units.
In West Palm Beach, this was nearly 75% of the annual demand tally, while Tampa’s performance accounted for about 30% of yearly absorption.
North Port and Cape Coral logged the top two 1st quarter demand tallies among the nation’s smaller apartment markets, absorbing roughly 1,500 units each.
Those performances amounted to about half of each market’s demand tally for the year.
Fort Lauderdale logged demand for about 1,200 units in the early months of 2021, thought that accounted for only about 20% of the market’s total performance for the year.
The remaining Florida markets logged less impressive absorption below the 600-unit mark, but every market in Florida logged at least some demand in 1st quarter.
Why are so many multifamily housing owners, managers, and developers choosing SWET Construction Group for new construction and renovations?
SWET Construction Group is an industry leader in the construction and renovation of multi-family housing, apartments, condominiums and commercial building throughout the Southeastern United States, offering cost-effective plans, fast and attractive flooring, interior design services, drywall, metal framing, paint and waterproofing.
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.