Nearly one month on, many property managers and their tenants are still reeling from Hurricane Ian. But the future of Florida’s housing market may not be as bleak as initially feared.
Aside from the human cost, insurance payouts for wind, storm surge and inland flooding damage are estimated at $67 billion, making Hurricane Ian the costliest storm in Florida history, second only to Hurricane Katrina when adjusted for inflation.
The damage in question includes the destruction of homes across the peninsula, worsening Florida’s pre-storm housing shortage. The west coast bore the brunt of the Category 4 hurricane, leading many displaced residents to seek temporary or permanent shelter in East or South Florida.
Real estate veterans predict that this year’s snowbirds will arrive on schedule, creating more demand for housing. The threat of storms has never been enough to deter tourists from spending the winter in the Sunshine State, according to housing experts. “The weather most of the time is a huge asset, the tax structure in the state, folks are still going to move to Florida,” says Shelton Weeks, the director of Florida Gulf Coast University’s Lucas Institute for Real Estate Development and Finance.
Less housing supply in these regions means more competition for the properties that are still habitable, which means property managers could recoup storm losses through higher seasonal rent prices.
In the meantime, Floridians will rebuild. The homes still standing confirm that modern, post-Hurricane Andrew building codes are effective, offering hope that rebuilt and repaired properties withstand future hurricanes better. Check out our blog for tips on how property managers can start preparing for the next big storm.
Other recovery headlines
What Harvey did (and didn’t) teach us about building in the floodplain – Houston Chronicle