Ask the Expert: How does South Florida compare to other multifamily markets?
Oct 01, 2019
Ask the Expert: How does South Florida compare to other multifamily investment markets nationwide?
"Despite all the new construction, the apartment market in South Florida has very solid fundamentals. Real estate investors and tenants are drawn by a highly desirable climate, tax savings and a more active lifestyle as compared to the Northeast.
We continue to see an influx of baby boomers to millennials seeking a higher quality of life, a healthy job market and a generally less expensive cost of living. The tri-county region, consisting of Palm Beach, Broward, and Miami-Dade counties, also has a strong international cohort of renters from Europe and South America.
New York, California and other states have recently passed rent reform laws, and even more multifamily investors are now heading to South Florida for a different reason: rent control (cap on rent increases).
All looks well for the apartment market in South Florida and as contrasted to other national markets, while there is no rent relief, the lower overall cost of living and great quality of life are two principal drivers."
Multifamily Investment Sales