Florida: In the Spotlight
Florida is the 3rd most populous state in the country, home to roughly 21.6 million people. The Sunshine State is also home to cities like Jacksonville, which is one of the most densely populated cities in the state with more than 900,000 residents in the city proper and millions in the greater metro area. Miami-Dade County offers the largest population by county, with more than 2 million people calling the county and greater Miami region home.
- Florida is 18.5% water, which surprises some, who expect it to be much higher because of all of the lakes and swamps.
- Publix is the largest employer in Florida, with over 191,000 employees.
- Aviation and aerospace are the largest industries in the state, employing over 87,000 workers at more than 2,000 companies and government facilities across the state.
- The average household income is $55,462.
- The average age in Florida is 42 years old.
- Florida has 9.5 million employees across the state.
- The homeownership rate is just under 66%, which leaves 34% of the residents looking for apartments and rental properties.
Florida Apartment Loan and Multifamily Property Facts
Florida is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living accommodations. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Florida is home to several cities that are ranked as the best cities to buy a rental property investment in for 2021, including Orlando, Jacksonville, and Tampa.
- Rents in Florida are 8.5% higher than the national average.
- The average rent in Florida is $1,790, or around $1.35 per square foot.
- Arcos Apartments sold for $80 million in Sarasota in 2020.
- The top 10 commercial real estate deals in Northeast Florida alone in 2020 totaled nearly $822 million.
The market for commercial real estate in Florida is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Florida Apartment Loan and Lending Options
In the state of Florida, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Miami Beach or a simple eight-unit property in an up-and-coming neighborhood of St. Pete. We work with opportunities like:
- Traditional apartment loans
- Fannie Mae/Freddie Mac
- FHA/HUD financing
- Mezzanine financing
- CMBS Loans
- Apartment construction loans
- And more!
Finance Your Florida Apartment Building Now
The team at Apartment.loans specializes in commercial financing for all kinds of real estate and apartments in Florida and throughout the United States. We have solutions for commercial real estate, traditional apartment financing, value-add opportunities, and more. We can even help you with ground-up developments or just get you financed for a stabilized property so you can be on your way.
Our team of experts knows what it takes to get the loan funds that you need. Whether you’ve got a special investment in mind, or you have basic funding needs, let us know how we can help. We'll give you all of the tools and resources you need to take your Florida apartment loans to the next level.
To learn more and start your apartment investment journey, contact our Florida Apartment Lending Specialists at [email protected] or (800) 567-9631.