South Florida is set to significantly boost the number of apartments available with a huge round of construction projects set to be delivered over the next couple of years.
Developers are starting the first round of construction with the build of nearly 4,000 rental apartments. There are also two high rise blocks planned for downtown Fort Lauderdale, 400 apartments on Young Circle in Hollywood and a sprawling complex with almost the same number of units at the old Levitz shopping center in Boca Raton.
Apartment complexes throughout Florida were converted into condos during the property boom years, but developers are now seeing a need for new rentals as many first time buyers have been priced out of buying real estate.
However, the move is also good news for investors as the wealth of new homes and the knock on effect that the infrastructure will bring to the region in terms of tourism and financial benefits. The news follows our story on Monday that the property market in Miami is booming, with sales of existing family homes increasing by 49% in August and sales of condominiums increasing by 60%, according to the data from the Miami Association of Realtors.
If you're thinking of buying a property in Florida, then visit The Florida Pavilion at A Place in the Sun Live. The show takes place at the NEC Birmingham this weekend. Tickets can be booked for two for £15 and come with a free subscription to A Place in the Sun magazine