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Fla.'s Apartment Sector Boosted by Flood of Higher-Paying Jobs

October 02, 2023
Growth in high-paying jobs is helping to drive apartment demand, and in some cases, higher rents, in Florida, according to a new report from Greg Willett at Institutional Property Advisors.

He reported that a “stunning” 58 percent of new jobs created in the state are in industries with high-income ceilings, such as professional and business services, finance, and information, which includes several technology sectors.

Today’s employment count of 9.66 million jobs in the state is up 1.82 million positions from the April 2020 low and is more than 500,000 jobs ahead of the early 2020 pre-pandemic peak. In the past, high-paying positions have traditionally accounted for only a quarter or so of the state’s jobs.

And with soaring home prices in the state, renters are encouraged to stay in the multifamily pool, IPA said, carrying an average household annual income of roughly $123,400, about 27 percent above the US mean of $97,400.

Florida is seeing some of the strongest apartment demand in the country – particularly for higher-quality multifamily assets, according to the report.

Read the full story in GlobeSt



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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit

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