The job market in the Southeastern United States has seen a strong gain in employment. The increase in population has ignited the construction of apartments and multi-family housing. In Orlando alone, there have been almost 10,000 jobs created in the last 12 months. Comprised of mostly young professional adults, 20 to 34 years of age, seeking employment in an up and coming city.
Multi-family apartment is the popular choice of housing for this demographic, fueling the demand and surge in construction. Rents are expected to increase as vacancy remains at an all time low.
Investors seeking high return on their investments are focusing on the Southeastern United States, favorable locations include the urban areas of Orlando and Atlanta. The forecast for the rest of 2016 and into 2017 looks favorable.
According to a recent news article in Biz Journals,
Multi-use buildings that combine multifamily housing on upper levels with retail space on lower levels were most popular among Orlando’s new apartment construction projects.
Here’s a closer look at Orlando’s apartment market for the first three months of this year:
95.4 percent occupancy rate
$1,602 average monthly rent
0.9 percent occupancy growth rate
3.8 percent average annual rent growth
1,430 of the 2,531 units now under construction should open by first-quarter 2017
Central Florida’s apartment market remains hot because fundamentals are strong, land for new development or redevelopment is still readily available — though that is changing — and rising rents are making new development more than plausible for developers to achieve a solid return on the investment.
As a leading construction group in the Southeastern United States, SWET Construction Group specializes in new developments and renovations of multi-family housing properties. Our professional team of experts gives our clients the ability to control costs and services. Our goal is to deliver a quality product in a cost effective and timely manner.
Our experience enables us to effectively plan, design, and execute the a construction project that can deliver high return.