For over five years, the rent for apartments has continued to increase, by over fifteen percent in fact. This rise has forced developers to keep up with the ever-increasing demand, and there are more than 300,00 apartment projects in the works expected to debut this year. The median age of the individuals that are renting these apartments is roughly 32, largely made up of millennials. Millennials are opting for apartments instead of the typical single family residence and there are increased odds of them remaining renters for the foreseeable future.
A number of renters looking to move into small to medium-sized buildings for rent has lead to a substantial rise in demand for rental projects in the mid-range. With tight housing inventory and rising interest rates, rental development is a lucrative opportunity where time is of the essence. Alternative real estate financing presents a tremendous advantage in such a scenario. Whether it’s working with capital throughout the construction process or land development, closings can be completed much faster with an alternative lender and there are several flexible options including bridge loans or a hard money loan, for example.
Are you thinking about a multi-tenant rental property or a commercial project investment? Give us a call and we’ll go over what quick lending options are available to you.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at http://www.mmprivatelending.com to fill out an application form.