Florida Markets Among Top Regions in the Country for Five-Year Multifamily Rent Growth
Florida’s multifamily markets, especially in Palm Beach and Tampa, have seen significant rent growth over the past five years due to rapid population increases, which drove vacancies to historic lows. However, a surge in new apartment construction, particularly in luxury developments, has led to an oversupply, outpacing renter demand. As a result, vacancy rates have risen, and landlords have had to offer significant concessions, such as free rent, to attract tenants, causing rents to decline. This trend is expected to continue as more units come online, keeping pressure on rent growth.
