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Housing Bust Means Multifamily Boom

FORT MYERS, FL-Foreclosures in this busted housing market lead residents back to apartment living.

By Carl Cronan | Updated on March 20, 2009

(Carl Cronan is editor of Real Estate Florida.)

FORT MYERS, FL-Lee County has been singled out in various media reports as “ground zero” for US home foreclosures, yet it’s also identified as one of the nation’s strongest apartment markets. That’s good news for Southwest Florida multifamily investors, according to local brokers.

“When a home is lost to foreclosure, the owner doesn’t typically become homeless,” says Jim Garinger, principal and managing director of the Fort Myers office of Clearwater-based Colliers Arnold. “They manage to find another roof to live under.”

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