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Grant Cardone is chasing multifamily deals in the Sun Belt as the market struggles with falling rents


20-Year-Old Professional Trader Unveils His “MoneyLine”

Throw away your indicators and use the “MoneyLine”. A simple rule tells you when to buy and sell without the guesswork. It’s a line on a chart that has helped Nic Chahine win 83% of his options buys. Here’s how he does it.


Real estate mogul Grant Cardone is looking for multifamily deals in the overbuilt Sun Belt markets, which are witnessing some of the biggest rent declines in America.

In an interview with Indianapolis-based multifamily investor Gray Capital, Cardone said he had looked at multifamily deals in multiple Sun Belt markets, but the competition was fierce.

“We were looking at some deals in Phoenix and I thought we could get them, but there’s so much action on these deals,” Cardone said. “We’re seeing deals here in Miami, one of the hottest markets in the country. Deals are starting to have problems. Contractors can no longer deliver, deals fail or delay. Competition determines what the price is.”

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Average asking rents in nine Sun Belt markets fell year over year in April, according to a new report from Redfin. Austin, Texas, fell 6.6%. It was followed by Nashville, Tennessee, which fell 5.9%; Jacksonville, Florida, down 5.6%; Miami, down 5%; San Diego, down 4.7%; Phoenix, down 4.6%; Charlotte, North Carolina, down 4.5%; Tampa, Florida, down 4.3%; and Orlando, Florida, down 3.2%.

“The Sun Belt has seen a lot of new apartment construction in recent years, in part to meet a surge in demand from the flood of people moving in during the pandemic housing boom. But the boom is over and now property owners are struggling to fill vacancies, driving down rents,” said Sheharyar Bokhari, senior economist at Redfin. “The good news is that the increase in housing supply in the Sun Belt has improved affordability for renters, which could be a lesson for other U.S. cities struggling with housing affordability challenges.”

Rents are falling after reaching unsustainable levels during the pandemic, Bokhari said.

Four of the 10 metro areas with the biggest rent declines are in Florida, where home prices remain flat while supply increases. The state is also experiencing a home insurance crisis due to increasing natural disasters.

According to the Redfin report, average asking rent in Seattle, which is not in the Sun Belt, saw the largest decline year over year at 7.3%. Like the Sun Belt markets, there has been a surge in apartment construction in recent years.

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