Target Markets
Sun Belt States
US demographics, migration, work from home trends, and rising residential costs strongly favor multifamily development in the Sun Belt. Within this region, Florida’s major metros are the fastest growing with some of the highest rental growth and occupancy rates.
Orlando, FL
2022 Performance Highlights
-
Rent Growth – 5.9% YOY
-
Job Growth - +59,386 YOY
-
Employment Growth – 3.8% YOY
​
Key Trends:
-
8% job growth projected
-
#5 in job growth in the country
-
#1 STEM job market in Florida
-
#1 MSA for population growth in Florida
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Second fastest-growing city in the nation (Forbes)
Tampa, FL
2022 Performance Highlights
-
Rent Growth – 3.1% YOY
-
Jobs added – +48,218 YOY
-
Employment Growth – 3.7% YOY
​
Key Trends:
-
#1 emerging tech city in the nation
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#2 relocation destination for Americans
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Important HQ relocations to Tampa in 2021
-
2:1 job gain to new supply of units
South Florida
2022 Performance Highlights
-
Rent Growth – 4.9% YOY
-
Jobs added – +108,624 YOY
-
Employment Growth – 3.5% YOY
​
Key Trends:
-
#1 Airport (MIA) for international freight and international travel
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Leading MSA’s for tech industry
-
57 companies relocated or expanded in Miami-Dade
county in 2022 -
Miami is the top market for multifamily lease trade-outs and office coworking
Data Source: 2022 Performance - CoStar Q4 2022, Key Trends – Newmark