Just when you thought the housing market was slowing down, this news snippet in Florida Realtors about the demand for new apartment space comes in:
“TALLAHASSEE, Fla. – A growing number of Florida residents are turning to renting instead of homeownership, spurring a shortage of apartments. Data from the Florida Apartment Association indicates that the state would need to add more than 600,000 new apartments by 2030 to keep up with both the increase in population and demand.
“We have over 900 people moving here every single day, and if we don’t have housing for them, at some point, those individuals and their companies and their economic opportunity will go to another state,” says Amanda Gill, the association’s government affairs director.
The report estimates that builders would have to construct 47,814 new apartment homes annually to address the state’s needs over the next decade. However, Florida is projected to add only 33,688 apartments in 2019.”