Why is all this demand so high? There is no easy answer. The children of the suburban buyers are now moving east, it is certain. As millennial professionals become parents, the children rent apartments to get on the path towards home ownership.
Even Baby Boomers on the opposite end of the spectrum are looking to sell their homes in Fort Lauderdale. They’re looking to avoid the responsibility of renting and home ownership. They might be waiting to make another purchase. They have the luxury option of renting apartments.
We see professionals enjoying the South Florida lifestyle. We’ve previously discussed the concept of “telecommuting”, or teleworking, from jobs up north in order to live in a more welcoming area. Although their employers might be in Boston, New York or Chicago, “home” is Greater Fort Lauderdale.
They’re giving up the higher living costs – rents, taxes and other expenses – to maintain South Florida’s reputation as a place where affordable living is possible in a warmer climate. The wonder weather is a combination of beaches, great quality of life and the best restaurants in the world.
We enjoy “Life Less Tough”, as the Greater Fort Lauderdale Alliance puts it.
REAL ESTATE SUPPLY DEMAND
These new luxury Fort Lauderdale rental apartments are a vital part of Broward County. People want to live in and work here, no matter where they are located, whether it’s downtown or Pompano Beach. They want homes. Developers are responding to the call.
This market is facing a shortage of affordable housing, particularly for those who wish to live and work in the area. The law of supply-demand will play as we build luxury rental units to address the shortage of 10,000 units. Rents will fall if there is more supply than demand. This will be good news for the whole market.
South Florida is not just a place for aspiring millennial professionals and teleworking baby boomers. Affordable housing is difficult to find for firefighters, school teachers, police officers, and other professionals from the civil, working, and professional classes.
This shortage has been addressed by the South Florida business community. We are seeing the area’s solutions grow. Andrews Avenue was once the line that separated east and west. Today, it has moved deeper into suburbia.
These cranes are rising westward. Developers are creating luxury rental properties in communities such as Sunrise, Pembroke Pines and Tamarac where land prices are lower. It’s not a big deal to renters. It’s not a big deal in a region where it is common to drive half an hour to reach Fort Lauderdale from Boca Raton, Miami or Fort Lauderdale. A drive east from the suburbs to the downtown area or to the beach is part of everyday life.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean. To view our Fort Lauderdale oceanfront condos for sale, Contact us today!