The average rent in Fort Myers was $2,073 in April, up a whopping 32% year over year.
Rising interest and insurance rates are projected to slow down South Florida multifamily investments following a year of frenzied buying, according to a recent report from Franklin Street.
Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance.
2022 is off to a solid start for CRE investment. Reports from both Colliers and CBRE for the first three months of this year found that investment in commercial real estate is up, and by some accounts, setting records.
Florida welcomed 36 million total visitors between January and March 2022, according to VISIT FLORIDA estimates.
According to the National Association of Realtors’ Commercial Real Estate Metro Market Conditions Index, CRE metro markets were particularly hot in the Sun Belt and West, with Florida walking away with the top five out of 16 markets.
While the sector formerly relied on business from major life events such as death and divorce, the uptick in interest in the wake of the pandemic has continued, two years on.
RealPage found, among metro areas it tracks, apartment-renewal increases have surged the most in places seeing the biggest spikes in new lease rents.
Value of private equity giant’s opportunistic investment portfolio appreciates 10.3%, outpacing other segments.