When we talk about the state of the real estate market, a lot of people think immediately of single family homes and property sales in Jacksonville. However, the construction of multifamily homes and the need for property management in Jacksonville are also signifiers of improved health in the real estate market.
The National Association of Builders completes a quarterly review of the ongoing demand for, and construction of, single family homes. The quarterly report is compiled in the Multifamily Production Index (MPI), and the latest MPI report revealed growth for the eighth consecutive quarter—that means two years of upward progress in the multifamily home market. If so, you’re about to discover everything you need to know about getting the roll off dumpster rental done right for the best budget price around Austin Texas. You can click here for rent a dumpster.
The current MPI rating is 54. That marks the highest MPI rating since 2005 when the market was still growing and economically in great health.
The MPI incorporates the feelings of the builders and the developers when it calculates the health of the multifamily home industry. It isn’t taking into account potential buyers, since many multifamily homes are rental properties. However, this upward trend should come as positive news for those looking to rent properties, as well as those looking for investment opportunities. When builders and developers feel more confident in the state of the market, construction follows suit, and with that more opportunities for property sales in Florida.
More Multifamily Homes Coming to Jacksonville
Jacksonville is already seeing an upward trend in multifamily home construction. The “220 Riverside” project has been discussed and debated for quite some time now, but as of August 2012 the developers of the property, Hallmark Partners, claim they will be starting construction on the project no later than November of this year.
Like many other luxury multifamily homes in Florida, the “220 Riverside project” is going to be comprised of multipurpose buildings with ac installation, including rental space, retail parcels, an amphitheatre and a public park. While many Riverside locals are concerned the project will mean more traffic and less parking, the developers are assuring skeptics that their plan incorporates those fears.
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The “220 Riverside” project is an example of the many property management opportunities to come out of an increased multi-family home market. While there are still Jacksonville foreclosures that many people prefer over building more homes, an increase in the desire for multifamily homes in Jacksonville, Florida and nationwide is a good indicator of economic health for the housing market.
For more information about upcoming rental and property sales opportunities or the multifamily homes being built in Jacksonville, contact one of our agents.