By the end of next year, Related Group will have developed 1,129 new apartments in four projects across South Florida.
A Related affiliate will break ground this month on the rental complexes in Pembroke Pines, Delray Beach, Doral and Davie, according to the Daily Business Review.
“Related’s continued growth and sizable development pipeline in South Florida is driven by our belief in real demand,” said Steve Patterson, president of Related Development. “In spite of a significant increase in apartment completions during the last two years, occupancies have held firm and rents are growing above the historic norm.”
Related’s new push comes as the national home ownership rate hit a 19-year low, plunging to 64.8 percent in the first quarter.
“The market of millennials leaving their parents’ homes and starting their own households is growing rapidly,” Patterson said. “So there will definitely be more renters next year and the year after than today.”
In total, Related has about 4,700 apartments in the development pipeline across South Florida. [Daily Business Review] – Christopher Cameron