May 17th, 2019
Tenants across the Southeastern United States can expect to pay higher rents for multi-family housing. Prices for apartments in metro cities such as Miami, Orlando, Tampa, and Atlanta, are increasing as the population growth quickly rises.
According to an article in the National Association of Realtors rental units are in high demand, “Rental affordability is a significant challenge for metropolitan areas across the United States,” says Steve Guggenmos, vice president of Freddie Mac Multifamily Research and Modeling. “Our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.”
This increase in rent can be seen across Florida and Georgia.
Statistics published in the Orlando Sentinel showed this rent increase can be seen across Florida.
Rental rates in Lake Mary lead the area, with a one-bedroom costing an average of $1,350 a month and two-bedroom apartments averaging $1,610. That’s a 1.7-percent increase for a one-bedroom from last year.
In the region, rents have grown fastest in Maitland, with rates jumping 6.8 percent after a handful of new apartment buildings opened over the past year.
The median two-bedroom apartment in Orlando hit $1,270, which is about $100 higher than the national average.
The cheapest cities are Sanford and Apopka, where one-bedroom apartments are $960 a month.
The trend has been seen elsewhere in Florida, as well, with average increases across the state at 1.5 percent. The increase was at 2.4 percent in Jacksonville and 1 percent in Miami.
But that doesn’t match price increases seen in Orlando.
The population in the Orlando metropolitan area soared past 2.7 million in 2017 as the area’s unemployment rate was the lowest in a decade.
That was an increase of nearly 500,000 people since 2010, according to the U.S. Census Bureau.
Whether you are investing in new multi-family housing construction or renovating an existing property, partnering with an experienced construction group is the first step.
SWET Construction Group is a full service company who understands the big picture and well as the latest trends. We have the experience and knowledge to handle large and small multi-family construction. We take pride in our professionalism and innovative approach, we are known for our quality projects and staying on budget.
SWET Construction Group uses next generation process and products to produce housing at a reasonable cost. We ensure your project gets off the ground smoothly, remains on budget and is completed on schedule, and with superior quality.