The demand for multifamily housing in Florida is booming. Beyond its diverse job market, world renowned attractions, urban amenities, beautiful beaches, and fun night life. People from all walks of life are attracted to the Sunshine State, which is why construction of multifamily housing is flourishing.
Creating great opportunities to invest in multifamily housing.
According to the National Association of Realtors, “Freddie Mac reported its Multifamily Apartment Investment Market Index rose by 8.7% in Q1 2024 and over the full year, with the annual index up 8.1% from Q1 2023. The quarterly increase took place nationwide and in all 25 regional markets, signaling a “sharp reversal from the decline last quarter.”
Miami is home to one of the hottest rental market in the United States.
“Where each vacant apartment attracts 19 hopeful renters amid sky-high occupancy rates. This bustling Florida metro is set to welcome 75,736 new apartments by 2028 — half the number of units expected in New York. However, even though developers are expected to open 2,265 more units throughout the next five years as compared to 2019-2023, the upcoming apartments are unlikely to meet the pressing demand for housing in the metro.” Rent Cafe
“Apartment construction in Miami is absolutely booming. With a whopping 4,800 new units expected to open here this year, it’s no surprise that the city continues to be a hotspot for renters. The good news if you’re looking to rent here is that these new developments often come with awesome amenities like rooftop pools, co-working spaces, and gyms, making it easy to live your best life.”
West Palm Beach has become a very popular destination for renters.
West Palm Beach attracts a wide range of renters from retirees to the young professionals. The city is known for its amazing beaches, cultural attractions and upscale shopping. Its reputation for luxury living converts to multifamily housing with resort style amenities and high end finishes.