The multi-family market in Florida is experiencing growth to overcome its recent hardships, according to the World Property Channel.
The report states that approximately 20,000 to 30,000 units are currently under construction or planned to begin construction in the next two or three years.
In the past, notes the report, that same number of units were built every year. However, following the housing crash, Florida's multi-family market suffered deeply. Therefore, the fact that builder confidence has risen enough to come even close to former levels is a good sign for Floridian rental property management officials.
A large part of the reason behind the sudden growth, according to the report, is the expected in-migration of almost 200,000 residents into the state. With so many new residents, property managers can expect an influx of rental applications to fill up all of the new units.