It may be true that condos in South Florida are going down the pan, but it’s certainly not the case for the area’s apartments. Indeed, plans are in motion to erect over 4,000 rental apartments: two high rises in downtown Fort Lauderdale; around 400 apartments on Young Circle and a complex with about the same amount of units in Boca Raton, at the old Levitz shopping center.
What happened was, in response to when real estate was doing great in the area, many apartment buildings and complexes were made into condos. But given that it seems like there is now a greater supply for tenants, apartment buildings are being constructed once again. Today, lots of young professionals who are somewhat skeptical about entering the property purchasing market, are looking to rent apartments or are unable to afford the mortgages on the original homes they bought so need an alternative.
It seems that these days instead of buying big homes with tough mortgages, the trend is moving towards smaller places, that do not require a down payment, with less monthly payments and someone to take care of any problems in the property. It is much less of a hassle than having to deal with it on your own and way cheaper. And it’s certainly been a huge plus for the South Florida community vis-à-vis people looking for affordable housing.