The multi-family real estate market continues to rise in the sunshine state
The multi-family real estate market in South Florida is as hot as South Florida's weather
High demand and increasing rents are what is behind the market's growth, says NRIA
NRIA’s La Mattina says, “the state’s multi-family market is likely to remain strong for years to come.””
SECAUCUS, NEW JERSEY, UNITED STATES, March 9, 2022 /EINPresswire.com/ -- National Realty Investment Advisors (NRIA), a leading developer of luxury real estate on the East Coast, reports that Florida’s growing population and increasing housing demands are behind the booming multi-family real estate market in Florida.— Glenn La Mattina
Rent across America has hit an all-time high in 2022, NRIA says, and for the state of Florida, it’s no different. Florida, particularly South Florida, has experienced a boom in population growth since the beginning of the pandemic, leading to a housing shortage and both increased housing prices and increased rents.
This makes for a particularly hot multi-family housing market in the sunshine state. With demand for apartments high and an ability to charge more for rent than in years past, investors are eyeing multi-family properties in Florida, according to NRIA.
Because with a relatively low cost of living, lower taxes, fewer COVID restrictions, and a pleasant year-round climate, Florida has been attracting northerners at a record pace.
NRIA, in fact, has seen prospective renters eager to sign leases even before projects are complete, the New Jersey-based developer said. Not only are they drawn to the weather and lower cost of living of South Florida, but millennials, retirees, and even Gen Zs see an appeal to renting and forgoing the traditional burdens of homeownership, like repairs and outside maintenance, says Glenn La Mattina, NRIA’s Cheif Operating Officer.
“Right now, about 1,000 people are moving to Florida every day,” says NRIA’s La Mattina, “and they need places to live. We have seen consumer and investor interest at an all-time high.”
For a bit of perspective on just how much lighter rent is on the pocket in Florida, take a look at the average monthly rent in Miami, $1922, compared to San Francisco, at $3062.
And almost 17,000 new apartment units entered the South Florida market in the third quarter of 2021, with rents increasing more than 20% during that same timeframe, despite still being below the national average for monthly rent.
“Because legions of new migrants from New York, New Jersey and beyond continue to look to Florida as their new primary or vacation home,” NRIA’s La Mattina says, “the state’s multi-family market is likely to remain strong for years to come.”
About NRIA
With a history of over a decade of delivering the highest quality in construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the leading real estate developers in the nation.
For more information about NRIA, visit www.nria.net.
Dawn Elizabeth Nixon
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