Lanterna Rally

Author: Joanmair E. Rubio

Publisher:

Published: 2023

Total Pages: 0

ISBN-13:

The current volatility in the residential market and increased population migration to Florida have caused a spike in demand for rental properties. With limited supply, rental housing rates increased across the board in major metropolitan areas such as Tampa, Orlando, and Miami. Accordingly, the topic of rent control policy has been suggested by several municipalities to combat the increasing rental prices. To determine whether rent control would be effective, one must first determine the conditions that led to these widespread rental rate increases in order to provide suggestions on ways to combat them. The researcher will explore multiple reasons for these increases in specific Florida metro areas. Rising rents in Florida in the past two years can be attributed to (1) strict land use regulations, (2) financial regulations; (3) increase in land costs and the costs of building materials; and (4) low supply and high demand. This study examines land development regulations that affect the cost of apartment housing development, specifically Class A market rate rent apartments, and the role of local governments in crafting and implementing these regulations. This study focuses on housing policy, land use, zoning regulations, and increasing impact fees. Available American Housing Survey, population data, and market specific data will be analyzed to provide background on three metro areas. Subject matter experts will be interviewed to establish a better understanding of the regulatory barriers and potential solutions to ensure rental rates for Class A apartments remain within appropriate parameters. Proposed legislation in Florida offers potential means to address this market niche though it is too soon to tell the degree of impact this legislation will have. The findings indicate that despite the increased permit activity in 2022, the number of units are still at a deficit within the three metro areas. At the local level legislation that gain traction was slowed due to state preemption. Opportunities for future research include analyzing the effect of land use regulations on rental housing, the effect of SB102, and how the use of public-private partnerships can assist in filling the rental housing deficit.