As an apartment investment market, Miami has its pros and cons. Strict building codes, high insurance premiums, and the threat of natural disasters are among the latter.
However, a new report from Freddie Mac on the area concludes that many residents and investors believe that the potential after-effects of climate-related disasters are well mitigated to justify that uncertainty as well as the higher cost of living.
Those challenges nonetheless are worth spelling out. The International Code Council, and the Insurance Institute for Business & Home Safety rank Florida as having the strictest building codes in place, "but that doesn't mean more affordable housing can't be built," Freddie Mac said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
