Florida was the fastest growing state in 2022 with a total increase in population of 1.9%. Just about all of this growth is made up of migration into the state from elsewhere in the U.S. Florida is also one of the oldest states with more than 21% of the population being over age 65. This is certainly a recipe for increasing demand for healthcare services and markets in the state have really been showing strength recently. The biggest metros, Miami, Tampa & Orlando, have been seeing strong absorption and occupancy increases over the last couple of years with all three markets now outperforming the top 50 metro aggregate. Miami has had continuous increases in demand since before the onset of the pandemic with a current occupancy of 93.8%. Both Tampa and Orlando have being seeing elevated demand driving up occupancy more recently, beginning in mid 2021. Demand is also increasing the ability to raise rents in these markets with all three sitting at the top of the ranking in terms of same store rent growth. Where does your market rank? Check out the full Revista Rankings to find out!
