Institutional Property Advisors Releases Special Florida Renter Report
September 28 2023 - 10:01AM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), has published a special new report:
Florida’s Apartment Renter Evolution.
“Florida is adding renter households at a strong pace, realizing
among the highest demand for apartments seen anywhere across the
country,” stated Greg Willett, first vice president and national
director, research services, IPA. “Among households that have moved
into professionally managed properties in the state’s major metros
during 2023, the average household annual income is approximately
$123,400, about 27% above the U.S. mean of $97,400.”
IPA’s Florida Apartment Renter Evolution report provides
investors with current data on the state’s evolving renter profile,
including:
- The typical income of households moving into professionally
managed apartments this year across the biggest metros is nearly a
third higher than was recorded for new move-ins in 2019.
- The base of apartment renter households in Florida is growing
rapidly, up 7.7 percent from early 2020 in the state’s largest
markets. Jacksonville and Orlando are growing quickly, but the
expansion pace also tops the U.S. average in Tampa-St. Petersburg
and Southeast Florida’s Miami-Fort-Lauderdale-West Palm Beach
area.
- Helped by in-migration of affluent households from the
Northeast region, the share of total job growth occurring in
high-paying industries like professional and business services,
finance, and information has doubled the historical norm.
“While all the sizable apartment metros in Florida have
experienced robust rent growth in recent years, North and Central
Florida still hold a value perception compared to the nation’s most
expensive markets,” added John Sebree, senior vice president and
national director of the firm’s Multi Housing Division.
Access IPA’s Florida Apartment Renter Evolution report here.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230928890967/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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