Real Estate

Hurricane Michael threatens more than 200,000 multifamily units

Displaced families in need of a temporary home could spike short-term demand

New data from Yardi indicates that more than 200,000 multifamily units are at risk due to Hurricane Michael. 

According to the Yardi report, Virginia Beach, Virginia, Wilmington, North Carolina, and Tallahassee, Florida, are the cities with the most multifamily units in harm’s way. These cities hold 36,317, 33,423 and 32,277 at-risk units, respectively.

More than 900,000 homes lost power in the wake of Hurricane Michael, and Moody’s Analytics estimates total damage between $16 billion and $20 billion.

According to Yardi’s report, early data suggests that single-family and trailer homes got the worst of Michael, and because of this, there could be a spike in demand for multifamily homes as displaced families look for temporary homes during the cleanup and recovery.

A similar phenomenon occurred in Houston after Hurricane Harvey devastated the metro last year, according to the report.

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