More Than 200,000 Multifamily Units Were in Path of Hurricane Michael
Moody's Analytics estimates total damage from the Category 4 storm at between $16 billion and $20 billion.
SANTA BARBARA, CA—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.
While the full extent of Hurricane Michael’s damage has yet to be officially calculated, Yardi Matrix, which tracks properties with 50 or more units, reports that cities with the most multifamily units in the storm’s path were Virginia Beach, VA (36,317 units), Wilmington, NC (33,423) and Tallahassee, FL. (32,277). Moody’s Analytics estimates total damage from the Category 4 storm at between $16 billion and $20 billion.
Hurricane Michael came ashore on the Florida Panhandle and made its way inland and caused significant damage in several Southern states. Authorities reported that more than 900,000 homes lost power, and crews are currently working around the clock to repair damage.
Early reports suggest that single-family and trailer homes bore the brunt of the damage, which could generate immediate demand for apartment units, Yardi Matrix states.
In addition, the cleanup effort could siphon construction workers from other projects, Yardi Matrix notes. A similar dynamic occurred last year in Houston, whose multifamily stock received a bump in occupancy from homeowners displaced by Hurricane Harvey.