If you are thinking about investing in new construction of multifamily housing or having your existing multifamily community renovated to stay up with the current trends, now is the time.
What’s driving up the rents in Florida? According to a recent article in Newsbreak.
Like everyone else, you may also be fascinated by the beautiful weather, cultural diversity, lower cost of living, and zero-income tax policy of Florida State.
This state continues to attract new residents more than any other country. For instance, welcoming about 808 new residents per day, Florida is the fastest-growing population in the United States. Ken H. Johnson, an expert on the housing industry, blames the heavy influx of people moving into Florida on a shortage of housing inventory. He claimed that the demand for accommodation creates a lack of available housing, which drives up rental costs.
Following Florida’s rental housing market trends, this state is the most overvalued in the country and will continue to soar. By the end of 2022, the median rent price was $1,266, which surprisingly elevated to $1,635, marking an increase of 29% at the beginning of 2023
According to recent data, many cities in Florida have the highest premiums, including their current average rental rates.
Miami, West Palm Beach, Ft. Lauderdale $2,846
North Port, Bradenton, Sarasota $1,283
Tampa $2,073
Fort Myers $2,073
Lakeland $1,808
Port St. Lucie $2,266
Daytona Beach $1,748
Orlando $1,999
Jacksonville $1,746
Melbourne $1,880
Every owner and manager of Multifamily housing wants to attract quality tenants and to make their property stand out from the rest.
Today’s apartments are healthier, smarter and more all-inclusive than ever before.Tenants are looking to reduce their energy cost, green building materials, as well as incorporating the latest high-tech device, where they can connect their phone to their home to check their energy consumption.
Multi-Family construction projects can range from a thousand dollars to millions. For that reason the contractor you choose for your project should be experienced and capable of handling your type of project. Completing the job in a professional, cost-effective and efficient manner as possible plays a crucial role in the total success. SWET Construction Group is experienced with upgrading and renovating your current properties to help you get the most for your money.
We encourage you 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.