Multifamily real estate market continues to rise in sunshine state
Strong demand and rising rents are driving market growth, says NRIA
—Glenn La Mattina
SECAUCUS, NEW JERSEY, USA, March 9, 2022 /EINPresswire.com/ — National Realty Investment Advisors (NRIA), one of the leading luxury real estate developers on the East Coast, reports that Florida’s growing population and Growing demand for housing is driving the booming multifamily real estate market in Florida.
Rent across America hit an all-time high in 2022, according to the NRIA, and for the state of Florida, it’s no different. Florida, particularly South Florida, has experienced a boom in population growth since the pandemic began, resulting in a housing shortage and both rising housing prices and rising rents.
This creates a particularly hot multi-family housing market in the sunshine state. With a strong demand for apartments and an ability to charge higher rent than in the past, investors are eyeing multifamily properties in Florida, according to the NRIA.
Because with a relatively low cost of living, lower taxes, fewer COVID restrictions, and a pleasant year-round climate, Florida is attracting northerners at a record pace.
The NRIA, in fact, saw potential tenants eager to sign leases even before projects were completed, the New Jersey-based developer said. Not only are they drawn to South Florida’s weather and lower cost of living, but millennials, retirees and even Gen Z are seeing a call to rent and let go of the traditional burdens of home ownership. , such as exterior repairs and maintenance, says Glenn La Mattina, Chief Operating Officer of the NRIA.
“Right now, about 1,000 people move to Florida every day,” says NRIA’s La Mattina, “and they need a place to live. We have seen consumer and investor interest at an all-time high.
For some perspective on how rent is lighter on the pocket in Florida, take a look at the average monthly rent in Miami, $1,922, compared to San Francisco, at $3,062.
And nearly 17,000 new apartments entered the South Florida market in the third quarter of 2021, with rents rising more than 20% over the same period, though still below the national average for rents. monthly rents.
“Because legions of new migrants from New York, New Jersey and elsewhere continue to look to Florida as their new primary or vacation home,” says NRIA’s La Mattina, “the multifamily market of State should remain strong for years to come.”
About the NRIA
With a history of over a decade of delivering the highest quality construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the nation’s leading real estate developers.
For more information about NRIA, visit www.nria.net.
Dawn Elizabeth Nixon
write to us here