Top 5 cities in Florida that are growing the most and building the most housing.
- Posted by admin
The real estate markets in Florida's real estate markets are enjoying a largely favorable climate for growth thanks to many factors. Indeed, the demographic growth (which is one of the most in the United States), strong job creation in high wage sectors, a business friendly environment sectors, a favorable business environment, extremely advantageous taxation and the and the impact of New York's rent control legislation are all factors that have control legislation are all factors that have stimulated development activity and development activity and brought investors to the state of Florida.
Since 2014, the state has ranks third among the most populous in the country, just behind California and Texas, with an estimated population of 21.3 million in 2018. This has fueled demand for rental apartments and, as expected, the development of new multifamily buildings. Currently, nearly 72 units are under construction in the region's largest markets, according to markets, according to Yardi Matrix data, and nearly 56,000 are expected to be delivered next year. delivered next year. But which cities are experiencing the fastest growing?
Here is a ranking of Florida's fastest growing cities taking into account: new housing stock, number of units completed as a percentage of total stock according to the Yardi Matrix. The Yardi Matrix is a comprehensive source of information on commercial real estate in the United States. This tool analyzes current market conditions at both the micro and macro levels.
5. JACKSONVILLE
This city has experienced a steady increase in new apartment inventory over the past three years. past three years. The number of units completed in 2019 represents 2.4 percent of the current housing stock. Development is continuing at a rapid pace as there are nearly 5,300 units under construction.
One of the underlying reasons for this is above-average population growth (+2% in 2018). Jacksonville's skilled workforce helps support job creation. The city is also part of Duval County, one of the 10 wealthiest counties in the state with a gross domestic product of $59 billion, according to the U.S. Bureau of Economic Analysis.
4. FORT LAUDERDALE
Fort Lauderdale is one of the most attractive cities in the country for young professionals. The professional and business services sectors are booming, and the economy is the economy is well diversified. The city is also ranked first in Florida in terms of job creation according to the Bureau of Labor Statistics. statistics. In addition, the number of residents with high levels of education far exceeds the the national average.
This has led to a jump in multifamily development, which peaked in 2017 when more than 4,000 units were completed. The number of apartments delivered represents 2.5 percent of the total stock, ranking Fort Lauderdale fourth in Florida.
3. TAMPA
Tampa ranks third, with nearly third place, with nearly 5,200 apartments (2.8 percent of the total inventory inventory) added to the inventory in 2019. Here, too, housing demand is being driven by fueled by highly skilled workers, some of whom are moving from larger cities like Orlando and New York. Today, one-third of the city's jobs are in the high-skilled, high-paying sectors.
The city's population is also on the rise, with a growth rate of +1.9%, three times the national average. The market is responding with complex mixed-use construction to meet the demand of businesses seeking new space, while accommodating this population influx.
2. ORLANDO
One of Florida's star cities known for its outstanding theme parks, which ranks second in our list with the number of our list with new apartment completions representing 2.9 percent of the total inventory. representing 2.9 percent of the total inventory. The city benefits from a strong demographic which continues to fuel residential development (approximately 15,200 units are under units are under construction).
Indeed, the city's population growth rate exceeded +2.2% in 2018, including a young population of Millennials enjoying the cultural buzz of Orlando. Today, the 25-29 age group represents the largest portion of its population. The number of college graduates is also on the rise, which is reflected in Orlando's economic landscape. The professional and business services sector created the most jobs this year, followed by the leisure and hospitality sector.
1. MIAMI
At the top of this is Miami, which still remains the economic powerhouse of Florida. Florida. The city's housing stock has grown by far the most rapidly, with with housing completions representing nearly 5.4 percent of the existing stock. existing housing stock. This construction is necessary to meet the growing demand, driven by exceptional and uninterrupted demographics. Indeed, Miami attracts workers from all over the country and the world, so that 55% of the population is of foreign origin.
Above-average employment growth (+2.5% this year) has fueled a healthy demand for rental housing and rental housing as well as the number of apartments built. Currently, approximately 16,200 units are under construction. Miami benefits from a large and diverse economy diversified economy, international investment and a unique geographic position the world at the gateway to the Caribbean and North America. Many neighborhoods are neighborhoods are being transformed and the city continues to grow each year, including and the city continues to grow every year, especially its financial district which is now one of the the most important in the United States. The city has also become one of the top destinations for startups and destinations for startups and new businesses, which has continued to drive the real estate which has continued to stimulate the real estate market.
Finally, the city is also benefiting from the wave of investors heading to Florida after New York's rent reform. Significant capital is also being invested in the city from Los Angeles, another real estate market affected by rent control. For these investors, Miami offers great security thanks to its economic fundamentals among the strongest in the U.S., as well as a much more affordable real estate market with a very strong growth potential.
0 Comments