The Multifamily Real Estate Group LLC
September 29, 2023
The Florida Multifamily Fundamentals 3RD QUARTER REPORT SEPTEMBER 2023
MARKET PERFORMANCE
Overall, the Florida multifamily real estate market shows superior performance across all national markets. In general, Miami, Tampa, Orlando, and Jacksonville, stand out as robust emerging markets, showing strong employment growth, high absorption rate, and relatively low vacancy rate.
CONSTRUCTION AND PROPERTY PRICES
INVESTMENT
Strong population, and job growth has been followed by a surge in new construction, low demand from renters, and declining property prices.
Institutional investors are taking a more measured approach may result in a more stable and balanced market in the future. By keeping a substantial capital reserve on the sidelines.
In this context high multifamily permits in Tampa market, and high inventory units shows resilience and adaptability.
On the other hand, private investors have a deeper understanding of the local market. This local knowledge has been an asset in identifying investment opportunities.
1