Ask the Expert: Have the new rent laws in New York City impacted the Florida apartment market?
“Yes, we are seeing an increasing number of New York investors relocating assets to Florida markets in search of a more landlord-friendly business environment. Among other things, the new regulations restrict owners from increasing rents after making capital improvements to the property. In the short term, this has resulted in compressed values and hindered cash flows for investors.
Many argue that long term effects will include a large-scale deterioration in the quality of rental housing due to a lack of incentive to maintain or improve assets. The overall impact on the Florida apartment market has been positive as we have experienced a migration of New York investment capital targeting Florida multifamily opportunities.”
Senior Associate, Multifamily Investment Sales
Franklin Street Real Estate
O: 813.839.7300 x 0293