Robert Stern authored an article for the May 14, 2021 issue of Tampa Bay Business Journal highlighting the factors that have Florida real estate poised for a strong year in 2021.
After economic relief programs reduced and delayed what otherwise might have been inevitable and painful defaults and collection activity due to COVID-19, borrowers and tenants were not aggressively pushed for payment of rent or loans, which enabled them to sustain themselves and prepare for better times.
As vaccines, further stimulus and low interest rates aid economic recovery, Florida will be a big winner among states as factors like low taxes and growth-friendly regulations offer an attractive incentive for corporations and individuals. The 2021 Emerging Trends in Real Estate report from PwC and the Urban Land Institute listed Tampa as a Super Sun Belt magnet, projecting the region’s five-year annual net migration will be 55,400 residents and will result in a younger overall population.
With many workers around the country planning to continue working remotely going forward, many will eye the beauty and warmth of Florida, lack of a state income tax, a balanced economic budget and business opportunity from sustained population growth, and the state has significant amounts of undeveloped land that can be used for controlled urban sprawl and the additional construction needed to support this migration.
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