It’s Always Sunny in Miami: Florida Apartment Industry Outlook panel
By comparison and with some exceptions, Florida’s multifamily industry has fared well relative to other markets across the country. Many tenants have recently migrated to Florida due to the pandemic, and the state is almost entirely reopened and operating under a “new normal”. Meanwhile, regulation in New York and California is driving new investment dollars away from markets in those states to Florida and sunbelt states, leaving the state’s apartment industry in a strong position. And yet, Florida isn’t immune to problems. The hospitality industry has been hammered and may take as much as four or five years to recover, so markets like Orlando–which until recently boasted the biggest pipeline of new apartments–are continuing to struggle. We are in unprecedented times with few historical comparisons to rely on. What does the next twelve to eighteen months look like for multifamily investment and development across Florida?
- How have rental rates, rent payments and occupancy held up since March?
- How has the new federal eviction moratorium impacted collections and underwriting?
- How is unemployment affecting the outlook for the apartment industry across Florida, especially those areas dependent upon hospitality?
- Which cities across the state are suddenly more attractive in light of the pandemic?
- What is the outlook for multifamily investment and development activity and pipeline?
- How has the current situation affected construction costs, availability and timelines?
- In what ways has the pandemic created new opportunities for distressed deals and projects?
- Marc Feigelson, Co-Chair – Real Estate Practice, Kaufman Rossin
- Roxanne Amoroso, Senior Vice President, Mosaic Residential
- Mike Ging, Managing Director – Florida, Alliance Residential
- Gil Dezer, President, Dezer Development
- Tim Peterson, COO & CIO, Altman Companies
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