Oct 17, 2024
Hurricane Milton made landfall on October 9 near Sarasota, causing heavy rainfall and flooding across Tampa Bay, particularly in Pinellas and Hillsborough Counties. This followed the devastation from Hurricane Helene, which brought significant storm surges less than two weeks earlier. The multifamily housing sector appears to be the most affected, with numerous properties experiencing flood damage, particularly on first floors. Construction delays are expected, and short-term spikes in leasing may occur as displaced residents seek temporary housing. However, these gains could be temporary, similar to trends observed after Hurricane Ian in 2022.
Sep 27, 2024
Invitation Homes, the largest U.S. single-family rental landlord, settled a $48 million case with the FTC over allegations of deceptive practices, including hidden fees, unfair eviction policies, and improperly withholding security deposits. The settlement, aimed at refunding harmed renters, requires the company to improve transparency in lease pricing and security deposit handling. The FTC alleged Invitation Homes overcharged renters with undisclosed fees and engaged in unfair eviction practices during the COVID-19 pandemic. Despite the settlement, Invitation Homes maintains it committed no wrongdoing and continues to focus on improving customer experiences. This case highlights growing scrutiny of corporate landlords amid rising housing costs.
Sep 25, 2024
Miami is experiencing a surge in supertall skyscraper development, with seven towers over 984 feet high under construction, marking a historic first for the city. The Waldorf Astoria Hotel and Residences Miami, at 1,049 feet, is the furthest along, driven by an influx of wealth and companies into South Florida. Despite environmental and geographic challenges, such as limestone terrain, high water tables, and FAA height restrictions, developers are eager to capitalize on the booming real estate market. The concentration of supertall projects within a small area could transform Miami’s skyline, rivaling New York and Chicago in height. However, the complexities of building on unstable ground and preparing for storms make these projects particularly costly and difficult.
Sep 12, 2024
Invitation Homes, the largest single-family home landlord in the U.S., reported over $200 million in investment activity in the third quarter of 2024. The company entered agreements to acquire 580 homes in Tampa, Denver, and the Carolinas, most of which were already completed. The acquisitions underscore the company’s strong relationships with homebuilders, as it continues to grow its build-to-rent portfolio, with plans to invest $1 billion in home purchases in 2024. Additionally, Invitation Homes secured a new $3.5 billion credit facility to refinance previous debt at a lower interest rate. Despite potential slowdowns in build-to-rent construction, Invitation Homes sees ongoing demand in its markets, driven by a lack of housing supply.
Sep 10, 2024
Parkland, a Canadian fuel supplier and convenience store owner, is selling its Florida business, including 100 retail locations, as part of its strategy to divest non-core assets. This move aligns with the company’s broader goals of organic growth, cost reduction, and supply chain optimization. Despite challenges in the U.S. market, particularly in fuel volume declines and job cuts, Parkland aims to focus on higher-return opportunities and maximize shareholder value. The Florida sale is expected to be completed over the next 12 to 18 months, with no broker yet identified. Parkland’s U.S. retail portfolio will be cut in half following the sale.
