Florida Market
The state of Florida has several qualities that make it an attractive place to invest in multi-family properties. The population is growing rapidly, there is a strong demand for rental units, and the city has some amenities that appeal to renters.
01
POPULATION GROWTH
According to U.S. Census Bureau, Florida is one of America's most rapidly expanding cities, with a population percent growth of 14.6% between 2010 and 2020. As well, is one of the states with racial and ethnic diversity population of the country (1)
02
JOB GROWTH
According to flgov.com, The unemployment rate is 2.7 percent, which is a decrease from the previous month's rate of 2.8 percent. The national unemployment rate is 3.5 percent.
​
As of July 2022, Florida employers have added jobs for 27 consecutive months since May 2020. This means that Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 16 consecutive months since April 2021.
​
Private sector industries that gained the most jobs over the month were:
-
Leisure and Hospitality with 19,500 new jobs.
-
Professional and Business Services with 16,400 new jobs.
-
Education and Health Services with 12,800 jobs. (2)
03
INCOME GROWTH
According to the United States Federal Reserve, in January 2020, the median household income in Florida was 57,435.00 US dollars. This is a record high, and it has been increasing since January 2019. The median household income in Florida reached a record low of 19,785.00 US dollars in January of 1984. (2)
04
RENT GROWTH
From 2010 to 2020, Florida has experienced a 9.7% change in housing units. (1)
1.- U.S Census Bureau, 2.- flgov.com, 3.- Tradingeconomics