MIAMI—Related Development is building six new multifamily rental projects in Florida—and owns or controls another six multifamily projects in various stages of permitting. The first to debut is Pierhouse, a 356-unit development in the Channelside District in Tampa.

“It was important that we secured the best sites early, particularly in Southeast Florida where the most production will occur first,” Steve Patterson, president and CEO of Related Development, tells GlobeSt.com. “This comes on the tails of virtually zero new market rate rentals for the last five years and in the face of record-setting demand levels.”

Patterson says the aggressive multifamily development pace is in response to the maturing of the Echo Boomers, the estimated 65 million children of the Baby Boomers, 15 to 29. Echo Boomers outnumber the previous Baby Bust generation aged 30 to 44. This demographic enters the housing market at a time when mortgage loans remain scarce, further contributing to demand for rentals.