Discover why Florida multifamily real estate is a top investment
Real estate has long been a proven way to build wealth, and it’s no secret that most millionaires own property. One of the hottest investment options right now is multifamily housing, and Florida is a top spot for this. With its world-famous beaches, fantastic weather, and exciting lifestyle, Florida is a place where people love to live and are constantly moving to. Join us as we explore the benefits of investing in Florida multifamily real estate.
The benefits of investing in Florida multifamily real estate
Florida has long been a magnet for residents and tourists alike, offering a unique blend of natural beauty, economic opportunity, and a desirable lifestyle. As a result, the state’s real estate market has flourished, making it an attractive investment destination. Florida is one of the strongest multifamily markets in the country, with particularly hot markets in Orlando, Tampa, and Jacksonville. Investors need to stay aware of the trends in these areas to make the best decision that suits their investment goals. Let’s explore the key benefits:
#1: Tax benefits
Florida is one of the lucky states that doesn’t have a personal income tax. This tax benefit means more money in your pocket! People from places with high taxes, like California or New York, really love that. Plus, Florida always tries to help businesses grow with special tax breaks and incentives. This booming economy is excellent news for the real estate market.
#2: Population growth
Florida has been booming! Its population crossed the 23 million residents mark for the first time this year because of the influx of people moving from other states, making Florida the third most populous state in the U.S. [1] With so many people on the move, there’s a vast need for places to live. That’s why apartments are such a hot investment right now.
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How to find multifamily properties for sale in Florida
#3: Investment incentives
Florida has excellent deals for real estate investors. The federal, state, and local governments offer a variety of programs, loans, and tax breaks. These incentives make starting and keeping your investment running smoothly much easier. It’s like having extra support to help your money grow.
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#4: Booming tourist spot
Florida is a total tourist hotspot! Millions of people come to visit every year. Florida reported record tourism numbers for the first quarter of 2024, with an estimated 40.6 million visitors, a 1.2 percent increase from the same period in 2023. The state saw 37.187 million domestic travelers, the highest ever for a single quarter. [2]
Additionally, 2.13 million overseas travelers and 1.284 million Canadian visitors came to Florida, showing a strong recovery in international tourism nearing pre-pandemic levels. With so many visitors, there’s a huge need for places to stay. That means apartment owners can almost always find renters, whether they live and work here or are just passing by. [2]
#5: Robust economy and workforce
Florida is a business-friendly environment. The government actively fosters business growth through tax breaks, deregulation, and streamlined permitting processes. This makes it easier and more attractive for companies to set up shop in the state, further boosting job creation and economic activity.
#6: Welcoming climate
Florida’s perfect weather is a huge plus for real estate. With sunshine and warm temperatures year-round, people love living and vacationing here. This means steady renters, higher occupancy rates, and strong property values. Plus, Florida attracts a wide range of people, so you’re less likely to have empty units.
#7: Increased rental demand
With more and more people moving to Florida for jobs, there’s a massive demand for places to live. Apartments are in high demand, so you can likely find renters easily. And with the increase in tourists visiting, there’s an extra boost to the rental market, whether you’re renting out for a night or a year.
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Why invest in multifamily over other types of real estate?
#8: Diverse lifestyle
Florida can be a dream place for many. With its sunny beaches, fantastic climate, and plenty to do, you can decide whether you want a relaxed or luxurious experience (or both!). Florida’s lifestyle surely can appeal to many types of people, allowing its real estate to be the jack of all trades indeed.
#9: Lower mortgage rates
Florida has a history of low mortgage rates, which makes buying property more accessible. Even though rates have increased lately, they’re still pretty good compared to other locations. This advantage means you can often find great deals to finance your investment.
#10: Lower maintenance and management costs
Owning an apartment building can actually save you money on repairs and upkeep. Because you have many units, you can often get better landscaping, cleaning, and even insurance deals. Plus, with more people living in one place, you can share costs for things like pools and gyms, which can add up.
#11: Simpler financing options
Getting a loan for an apartment building is often easier than for a single-family home. Banks and investors like apartment buildings because they bring in steady rental income, even if a few places are empty. Multifamily financing often comes with plenty of options, making accessing your money and finding stability with the ongoing cash flow more manageable.
Investing in Florida apartments can be a smart move for your investment goals. With great weather, beautiful beaches, and a booming economy, more and more people are calling Florida home. This means a high demand for rental properties. Plus, Florida is really good for businesses and property owners, with special tax breaks and other perks. Whether you’re just starting out or already know your way around real estate, Florida apartments offer a fantastic chance to build wealth and enjoy the Florida lifestyle.
Ready to invest in multifamily real estate?
It’s essential to evaluate your options and goals as an investor when deciding to invest in a multifamily property in a specific city.
At 100Units, our team of expert multifamily investment advisors can help you determine the best multifamily market for you to invest in based on your unique portfolio, financial status, and investment goals.
Reach out to our experienced Orlando, Tampa, or Jacksonville multifamily brokers.
We’re ready to help! Browse our selection of available multifamily properties or contact us today.
1: U.S. News
2: Orlando Weekly