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Florida + Multifamily = A Lot of Happy Investors

Florida + Multifamily = A Lot of Happy Investors

With all the activity taking place across the country, multifamily real estate investors are beginning to seek out their next strategic move and it looks like the opportunities in Florida are garnering a ton of fresh attention.

According to the American Action Forum, the housing markets in Florida have seen statewide price increases while experts over at Colliers report multifamily vacancies are down to 5.8% with 2,500 units currently being constructed.

Some of the biggest draws in multifamily for investors entering the Florida market include some of the country’s highest job growth rates and signs of a strong demographic push by both the younger and older populations.

During the recession, employment opportunities dried up alongside many Americans’ retirement savings. These factors have led to an abandonment of the dream of ownership for the simplicity and value-added idea that is renting.

In markets like Orlando, the fact that 25,000 new jobs have been added in the last year to lead to a decrease in unemployment, is attracting these workers into the bigger cities from the smaller surrounding areas. Following the same post-recession trend we’re seeing take place across the country, the Millennials and Baby Boomers are choosing to rent and are now doing so at a higher rate than the national average.

The key to investors succeeding in this new market trend seems to lie in the quality of the products being produced, the interpreted level of customer service received, and the perception that these would-be tenants are getting more bang-for-their-buck.

These elements are becoming increasingly important to focus on as the massive foreclosure market has produced plenty of inexpensive homes for first-time buyers who are actually looking to plant roots in a community.

As with any investment, entering or expanding activity in the Florida market means needing to be able to find or produce these value-added opportunities in properties that are also seen as centrally located to where the majority of these new prospective tenants want to both work and play.

Are you currently in or have you invested in one of the Florida multifamily markets? If so, are there any trends or insight you’d like to share with the community? We’d love to hear from you! Feel free to share your interesting and useful comments in the section below.

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