State Capital Catches Multifamily Break
Some more positive news coming form Florida's State Capital. Not all is "Doom and Gloom" for Real Estate. The Main Stream media has told us for 3-4 years how bad the market is.
Written By Carl Cronan
TALLAHASSEE, FL-Long-term prospects for economic growth and a strong government employment component bode well for the state capital’s multifamily market, according to a report by CB Richard Ellis. The jobless rate for Leon County measured 6.8% in March, well below the 9.7% statewide average.
More than 18,000 rental apartments are available in the Tallahassee market, with a current vacancy rate of 12%, CBRE reports. Units average 1,025 square feet with an average rent of $950 per month.
“Tallahassee’s housing market depression has been relatively mild compared to other cities in Florida,” says Dan Allen, vice chairman of CBRE’s Jacksonville office. “State government, health care and defense sectors are providing a degree of job stability for Leon County.”
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