Multifamily is back. Or is it? Oversupply lessens but vacancies, pipeline still high
Developer Raimundo Onetto has been weaning leasing incentives for new tenants at his 296-unit Crest apartment building. “We saw a shift in the market since the end of last year,” said Onetto, who leads Coconut Grove-based Alta Developers. The building is 95 percent leased, he said. “We have been trying to recapture higher rents and get rid of all the concessions.” He isn’t the only one. Over the past six months, South Florida multifamily landlords noticed demand has slowly chipped away at the oversupply that stubbornly lingered over the multifamily market in 2024 and 2025. It’s given many an opening […]This article originally appeared on The Real Deal. Click here to read the full story.
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