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Possible Rent Relief Coming for 3 Fla. Cities

Miami is slated to get almost 20K new apartments this year as multifamily construction cranks up. Also on the top 20 list for newly built units: Orlando and Tampa.

NEW YORK – According to RentCafe, U.S. apartment construction is at a 50-year high, and new units debuting this year may offer some relief to tenants struggling to find a place to live.

The listing service estimates that 420,000 apartments should be delivered nationwide this year, with a construction explosion particularly notable in Southern cities like Dallas and Miami, where many Americans migrated during the pandemic.

In Florida, Miami, Orlando and Tampa made RentCafe’s top 20 list for new apartment units expected to debut this year. Half of the top 20 metropolitan areas ranked by construction should reach five-year highs in apartment deliveries this year.

Total new apartments debuting this year

  1. New York: 28,153
  2. Dallas: 23, 571
  3. Miami: 19,125
  4. Austin, Texas: 18, 288
  5. Houston: 17,759
  6. Phoenix: 15,988
  7. Seattle: 15,341
  8. Atlanta: 12, 838
  9. Washington, D.C.: 12,176
  10. Los Angeles: 11,536
  11. Orlando: 11,388
  12. Denver: 10,570
  13. Nashville: 9,620
  14. Raleigh, N.C.: 9,104
  15. Charlotte: 8,732
  16. Chicago: 8,573
  17. Portland, Oregon: 8,476
  18. San Francisco: 7,399
  19. Minneapolis-St. Paul: 6,266
  20. Tampa: 6,092

The pandemic exacerbated the nation’s housing inventory due to labor shortages and supply-chain disruptions, but RentCafe says apartment developers were generally able to ramp up the pace of construction in the past 18 months or so.

“The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages, material costs and availability, and supply chain issues,” says Doug Ressler at Yardi Matrix.

Source: Bloomberg (08/22/22) Tanzi, Alexandre

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https://www.floridarealtors.org/news-media/news-articles/2022/08/possible-rent-relief-coming-3-fla-cities