Since the housing meltdown, more South Floridians are renting a place to live because the financial reality is they can’t buy.
A lot of other people simply prefer to rent.
The two groups are spawning a fundamental shift in housing and a fledgling boom in the construction of new apartments for the first time in years. It is a national trend that is crystallizing in South Florida with rental apartment projects in the works in cities ranging from Plantation and Davie to Doral and Coral Gables.
“Rentals will be in demand for a while. The pendulum has swung,” said Mahesh Pattabhiraman, chief lending officer for Miami-based Apollo Bank, which this month made a land-acquisition loan to Miami’s Adler Group, a major commercial developer that plans to build two 20-story rental apartment towers near the west end of 79th Street Causeway in a joint venture with ECI Group of Atlanta.
Read the whole article: Rental, Sweet Rental: Shift Toward Apartment Living Spurs New Construction | LoanSafe.