Tallahasee, Florida, is not a city with many affordable apartments.
However, that is changing, as a recent study by the firm Landmark Real Estate Research finds that the area is now home to more than 5,500 new homes.
The firm surveyed 6,000 households, and found that an average of 4.4 people moved into the neighborhood each month between July and September, and that more than 30% of residents own a home in the area.
“We believe that Tallahasede is experiencing a new boom in new construction,” said Landmark, which was founded in 2001 by the former CEO of the National Association of Realtors, Michael A. Schumacher.
“The area is experiencing an unprecedented burst of construction activity, and new and existing apartment buildings are being built, which has not happened in the past.
The increase is not just a matter of construction going on, it is also a sign of the rising demand for housing in Tallahsassee, and we expect the area will continue to grow as new construction activity continues to grow,” Schumachers told The Washington Post.
The new homes are being purchased by the new residents, who typically rent for as little as $500 a month.
“This is a big change,” Schumann said.
“It’s been over a decade since the city has seen a housing boom like this, and it’s a very exciting time for us.”
Schumann said that the city will need to spend more to attract more new residents to the area, especially since there is still some housing that is not yet available for sale.
“We are not going to be able to build our way out of this problem.
We will have to continue to do what we are doing and be diligent and watch out for the housing market in Talliesassee,” he said.
According to Landmark’s study, nearly 20% of all apartments in the Tallahasesassee area are located on a single-family street.
While some neighborhoods have become more densely populated in recent years, the majority of new apartment buildings in the city are located in the middle of nowhere, which is a major concern for many residents.
The number of new homes in the region increased from 1,076 in 2015 to 2,075 in 2018, with the average price of a new apartment soaring by an average $1,000 to $3,400.
“This is not the first time the city of Tallahasinge has seen an influx of new residents,” Landmark said.
While it is possible that this influx could be caused by the city having to make cuts in services in response to the Hurricanes, the firm also said that this could also be part of a broader trend in the development of Tallies as the region has been seeing an influx in construction activity.
“There are still many people who can’t afford a house, but many people are willing to spend the money to make sure they have a place to call home,” Landmarks head of real estate, Paul Kallmann, said.
The rise of luxury apartment buildings has been a boon for the city as it has been able to attract new residents with low rents, and also attract developers who are able to expand their properties with more space.
“The fact that this is happening now and is taking place in a city that is experiencing real housing and not just residential development is a sign that we are on the right track,” Schuman said.
Landmark, a real estate consulting firm, also noted that there are also several new condos in the market that are being sold.
“There are many apartments that are available for rent and these are the ones that are selling the most,” Schummachers said.