Florida resi demand outpaces supply

A new report from the Florida Apartment Association reveals the state will need to add an additional 600,000 new apartment units over the next 11 years. The demand is do to rising population levels and a changing consumer desire towards home ownership. Over the course of the last three years, Florida has added on average 900 new residents daily. Developers are set to deliver 33,688 new apartments this year, while the report states that 48,000 units will be needed to keep up with demand. Reasons for the shortage include increased development and land costs and a lack of skilled labor.