MIAMI—Since hurricanes Irma and Maria devastated Puerto Rico, more than 140,000 residents of the territory have fled to Florida. Indeed, with sizable Puerto Rican communities throughout the state, Florida is uniquely positioned to accept those displaced by the storm. That’s boosting demand for housing in Orlando, Miami and Tampa metros, which the Census ranks second, fourth and sixth, respectively for areas with the largest Puerto Rican populations.
Thousands of working-age Puerto Ricans will be arriving at a time when Florida’s economy is running at full steam, according to a Cushman & Wakefield report. Most markets with sizeable Puerto Rican communities have unemployment rates around 4%. New arrivals with some skills should easily find work in their immediate areas, especially if they are bilingual.
GlobeSt.com caught up with Hernando Perez, director of multifamily investment sales at Franklin Street’s Miami office, explains how the influx will impact apartment properties. Stay tuned for part two of this interview, in which he will discuss what this means for class B and C multifamily apartments and more.