MIAMI—In case you wondered just how hot Miamimultifamily really is, take a cue fromRelated Development. The firm is tapping into whatit sees a renewed rental demand following historic lows inmultifamily development.
Tapping may not be a strong enough word. Related broke ground onfour new multifamily properties with 1,129collective units from Miami-Dade to Palm Beach County in Septemberalone.
According to Steve Patterson, president ofRelated Development, low single-family home ownership rates, whichthe US Census reports have declined to the lowest level since 1995at 64.8%, is a contributing factor. Patterson also points to theimpact of a job market flooded with young workers that can't affordhome ownership.
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