Displaced single-family and trailer home residents could spike demand for apartment units
SANTA BARBARA, Calif., Oct. 12, 2018 – Approximately 205,000 multifamily units in Florida, Georgia, South Carolina, North Carolina and Virginia were in the path of Hurricane Michael, which came ashore in Florida on Oct. 10 as one of the strongest storms in recent U.S. history.
Yardi® Matrix, which tracks properties with 50 or more units, reported that cities with the most multifamily units in the storm’s path were Virginia Beach, Va. (36,317 units), Wilmington, N.C. (33,423) and Tallahassee, Fla. (32,277). The full extent of damage inflicted by the storm was unknown at press time.
Hurricane Michael, a Category 4 storm, came ashore on the Florida Panhandle and made its way inland through several Southern states. Authorities reported that more than 900,000 homes lost power, and crews are working around the clock to repair damage. Moody’s Analytics estimates total damage at between $16 billion and $20 billion.
Early reports suggest that single-family and trailer homes bore the brunt of the damage, which could generate immediate demand for apartment units. In addition, the cleanup effort could siphon construction workers from other projects. A similar dynamic occurred last year in Houston, whose multifamily stock received a bump in occupancy from homeowners displaced by Hurricane Harvey.
The chart below illustrates multifamily units in selected cities in Hurricane Michael’s path.
|Little River, S.C.||2||242|
|Panama City, Fla.||43||5,030|
|Virginia Beach, Va.||170||36,317|
Source: Yardi Matrix
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