Similar to Tennessee, Florida has experienced exponential growth over the last few years and the expansion is not expected to slow down. Florida has gained more than 2.7 million new residents since 2010, making the state the 3rd most populous after California and Texas. Florida’s population grew by 14.6% compared to one decade earlier and is now home to over 21.5 million people. Within the upcoming years, Florida is projected to gain an average of 845 new residents per day. 1
Florida and Tennessee have an equally strong rental market as well. In fact, some areas are seeing rents jump 24% in a few weeks and newcomers contribute to these record rents. The Real Deal reported that the onslaught of in-migration is allowing landlords to raise rents to higher levels as people are lured from the Northeast and West Coast by Florida’s thriving job market, lack of state income tax, and sunshine. 2
There are also countless reasons why people choose to live and work in Florida. The state offers an almost ideal work-life balance with worthwhile job opportunities and near-perfect weather, diverse culture, and outdoor recreation.
St. Petersburg and Clearwater have consistently ranked as one of the top ten real estate markets over the past few years, making this rapidly expanding market a hot spot for commercial and residential real estate investors. And with so many similarities between the Sunshine and Volunteer states, CA South looks to kick off several projects within the region. 1
Here is a reel from our Instagram when our CEO, Meg Epstein, toured St. Pete last month. St. Pete Reel