While local housing sales are hitting headwinds, the rental markets in Palm Beach and Broward Counties are expected to surge as Hurricane Ian exiles look for temporary homes while theirs are rebuilt. And in some price points and locations, those seeking new homes may end up relocating completely to South Florida — preventing the housing market from completely crashing.
Zev Freidus, founder of ZFC Real Estate in Boca Raton, told BocaNewsNow.com that Ian’s impact on South Florida real estate will be wide-ranging.
“The impacts that hurricane Ian will have on the real estate market are numerous. For one, the construction industry which was already backlogged, is going to be further impacted by the immediate need to divert those resources to deal with the aftermath of hurricane Ian,” said Freidus. “Then, unfortunately, you now have thousands of residents who have been displaced by hurricane Ian who need a new place to live. Although South Florida was not hit, the areas on the west coast that were are going to take years to rebuild, leading to many residents relocating to the east coast.”
Source: Boca News Now