Florida Beach Towns See Big Waves of Apartment Supply
Several small Florida markets have some serious apartment supply underway, and most of them are located along the shoreline. Lakeland-Winter Haven – the only non-beach town on this list – will grow its apartment inventory by the most prolific ratio in the state of Florida in the near term. The more than 4,000 apartment units under construction will grow that small market 14.1%, according to analysis from RealPage Market Analytics. In North Port, apartment supply has been elevated for several years, despite dipping marginally in 2022. The nearly 6,900 units underway there will swell that market by 10.9%. Meanwhile, nearly 3,000 units underway in Port St. Lucie will grow that market by 10.8%. The more than 3,000 units and 4,000 units underway in Palm Bay and Cape Coral, respectively, will grow apartment inventory in those markets by just under 8%.