Florida is returning to pre-recession levels of employment, immigration, and construction. As HBW subscribers already know, many of the state’s major housing markets have a strong base of younger people earning mid-level salaries, who are more interested in the simplicity of renting than in the complexity of home ownership. Just because they prefer to rent doesn’t mean that this market will be satisfied with basic, no-frills apartments. They demand quality and comfort in a space that feels like home. Florida’s residential home building firms catering to the multi-family sector can expect to add value through innovative design, nicer fixtures, pre-installed T-1 broadband, and higher-quality appliances in order to capture this market.
Miami’s latest offering in quality multifamily rentals is the Melo Group’s Melody Tower, a 36-story high-rise ideally situated in the downtown arts and entertainment district. Miami has seen a bumper crop of high-rise new luxury condominiums spring up in the heart of downtown over last few years, but they are overpriced for the young professional looking to rent a home near pedestrian-friendly downtown Miami. Adjacent to the Adrienne Arsht Center for the Performing Arts, Melody Tower will feature retail space and dining on the ground floor, making it a hub for the local community as well as a premiere residential space.
Metro-area Orlando’s multifamily development market is really heating up. The sale of multifamily buildings is down 14% and the supply of multifamily residences is rapidly shrinking. Two developers have eagerly responded to the increased demand. One exciting new development catering to rental-savvy young professionals is the Crescent Gateway apartment community being built in Altamonte Springs by the Crescent Communities Company. Pollack Shores Real Estate Group is currently building The Princeton at College Park, a 3.3-acre apartment complex catering to single and newlywed professionals as well as empty-nester retirees who seek high quality at a more reasonable price point than is currently available in the area.
The multifamily boom in Miami and Orlando reflects nationwide trends for multifamily housing. Multifamily construction is the hottest sector in US construction right now, having increased 39.6% over the last year, and much of the construction is for apartment complexes rather than condominiums. To learn more about the how the multifamily building boom in Florida can help your business, contact HBW today!