A New Generation of Renters
The South Florida for-sale housing market might have recovered, but that isn't putting a dent in rental housing. Wood Partners Florida development director Dave Thompson tells us that renters by choice are going to remain an important component of demand in South Florida multifamily--so far, the rising generation of households hasn't forgotten about the hard times housing went through. (To forgive is divine, but to forget would be imprudent.) Even among those young professionals who can buy, many are still opting to rent.
Dave also points out there’s a shortage of new apartment product locally, “since a vast amount of apartment stock was converted into condos.” Thus overbuilding isn't an immediate concern, spurring companies such as Wood to develop in South Florida. Recently the company broke ground on Alta Dadeland, a $128M mixed-use development with 431 apartment homes and 2,000 SF of retail space next to Dadeland Mall.