During the last real estate boom, thousands of rental units were lost to condo conversions. Add this to the millions of Americans who lost their homes to foreclosures and short sales during the past few years and can no longer qualify for a mortgage, and the stringent loan requirements set by lenders today and you get a whole lot of demand for rental units and not enough inventory to meet it.
After a long hiatus on rental construction, developers are again coming out of the woodwork to meet this supply and they are making a big comeback. Big names like Jorge Perez from the Related Group are jumping into the action developing rental communities that are far from standard, including high-end finishes like granite cabinets and stainless steel appliances and amenities such as fitness centers, steam rooms, business centers and fancy social rooms.
Read the full article from the Miami Herald by clicking here
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