South Florida multifamily developers are altering their projects or pausing plans altogether. It’s a turnaround from the past three years, when developers seized on unprecedented demand as the tri-county region became a magnet for out-of-state residents and record rent hikes ensued.
‘In A Holding Pattern’: South Florida Apartment Developers Pause Projects Read More »
More than three decades after Hurricane Andrew blasted its way across southern Miami-Dade County in 1992, a Texas-based homebuilding firm called Onx has set up a factory in Pompano Beach to produce key components of homes that it says can withstand Category 5 hurricanes and winds of up to 175 mph.
Investors that swooped in on South Florida’s multifamily boom now face elevated interest rates, high insurance costs and plateauing rents. Compounding the problems are inflation, which has prompted rent delinquencies, and a hefty development pipeline that’s slightly tempered demand, prompted concessions and led rents to plateau or slightly decline in some submarkets.
