A current report from actual property agency Cushman & Wakefield reveals continued development in multi-family housing tasks in Tampa Bay, experiences Susan Taylor Martin for the Tampa Bay Instances. The realm remains to be main different areas with vital development reminiscent of Orlando and Jacksonville.
In response to the report, “Tampa Bay’s inhabitants development in the important thing renting demographic between the ages of 20 and 35 (is) projected to develop at thrice the nationwide common by way of 2020. This development will drive additional development in residences within the city and suburban markets.”
Millennials and child boomers are additionally contributing to the market with a “generational sandwich” impact; many millennials are renting longer earlier than shopping for a home, whereas on the similar time boomers are downsizing to smaller houses with simpler upkeep.
This impact has lead to a spike in lease, with the common asking value in Tampa rising to $1,186 per unit. This pattern could also be slowing, nevertheless. Gross sales are dropping, and development and land costs are rising.
In response to the report, builders who want to keep forward of the market ought to look into reasonably priced housing, constructing in areas with good faculties that might attraction to younger households, and housing for seniors in accessible areas.