Florida’s growing population is driving demand for more apartments: Here’s why

December 20, 2019 | Buyers

The latest Florida population growth statistics that multifamily investors need to know

As the third most populous state in the United States, Florida continues to grow. More and more people are choosing to move here, and it’s having a big impact on the multifamily market.

Keep reading to learn some of the eye-opening Florida population growth statistics, plus what it all means for multifamily investors.

Florida would need to add over 669,391 new apartments by 2030 to keep up with the rising population and increased demand.[1]

Florida’s low overall vacancy rate of 5.8 percent reveals a high demand for apartment homes with a restricted supply. In the last year in Orlando for example, one apartment has been delivered for every seven jobs created.[2]

Orlando is ranked 6th in the nation for domestic migration, adding a net average of 22,608 residents each year from other areas in the United States.[3]

Thanks to a prosperous job market, the City Beautiful is making a big contribution to Florida population growth by being a very attractive place to relocate.

Elsewhere in Central Florida, Tampa gains an average of 17,603 residents per year from metro-to-metro migration—placing it 10th in the United States for domestic migration. The Central Florida region as a whole attracts roughly 1,500 new residents each week.[4]

Orlando is #4 on the list of up-and-coming tech markets in North America.[5]

With 26,747 local high-tech jobs and an average tech salary of $83,800, it comes as no surprise that Orlando’s population is on the rise. Tampa placed #3 on the same list, with 30,824 high-tech jobs on offer.

And technology isn’t the only industry that’s booming in Central Florida. Brevard and Orange Counties were recently named the top two counties in the state for manufacturing job growth: 28,270 manufacturing jobs were added in Florida in the last three years, with 4,900 in Brevard County and 4,100 in Orange County.[6] This growth brings more high-wage jobs to the area after decades of decreasing employment in the manufacturing sector.

What does this Florida population growth mean for multifamily investors?

Many of the workers moving to Florida for a new job are choosing to rent rather than buy in the short term, which is why we’re seeing such sustained demand and low vacancy rates across the state.

This is great news for multifamily investors who, judging by the current levels of job growth, will be able to see a great return on their investments both now and for many years to come.

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