Build on your investment success by capitalizing on the latest multifamily opportunities in Central Florida
What’s next for multifamily?
That’s the top question on the lips of many investors interested in multifamily properties in Central Florida.
With local and national market changes, new supply challenges and evolving tenant demands, there’s a lot to digest. There’s also a lot to understand when it comes to how these factors affect your existing and future multifamily investments.
To help, the team at 100Units.com has analyzed the current commercial real estate landscape to identify the latest multifamily trends.
We hope you’ll use the information below to capitalize on new opportunities and build on your continued investment successes.
Investors are turning to secondary markets
As we discussed on the blog last month, higher costs of living in primary markets are leading to the migration of both renters and corporations into secondary markets like the Greater Orlando region.
Our advice: it’s definitely worth looking into secondary, and even tertiary markets, if competition in your preferred primary market is high. There are some great multifamily investment opportunities to be found in Central Florida locations with strong job growth and several major employers in the area.
Baby boomers may be taking over
Step aside, Gen Z! As one of the fastest growing demographic groups, smart investors are paying attention to the opportunities posed by older renters.
The U.S. Census Bureau projects that the number of people in the United States aged 65 or older will grow to 95 million by the year 2060, and comprise nearly a quarter of the population.[1]
Many baby boomers are deciding to downsize from large family homes to smaller, more manageable rental units close to local amenities. Apartment demand from baby boomers has been particularly high in urban areas with warmer climates, such as Arizona, Texas, and Florida.[2]
They can also typically afford higher rents, as they tend to be less “rent burdened” than other tenant groups such as millennials and Generation Z.
Technology will continue to evolve
Smart home technology is here to stay—and it can be a great way for multifamily owners to boost their return on investment.
The vast majority of renters are prepared to pay higher rent if their unit has smart home technology, so retrofitting your units with smart technology can be a great differentiator to make your property stand out.[3]
Not sure where to start? Tackle the most sought-after areas first: smart security features, smart thermostats, and smart outlet controls.
Need help understanding how these multifamily trends may affect your investments?
Contact us today!
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Sources:
[1] White House Report, Emerging Technology to Support an Aging Population
[2] Newmark Knight Frank, The Future of Commercial Real Estate[3] Entrata, What Apartment Renters Actually Value