M Patrick Carroll is an expert in real estate investment and management, particularly for multi-family housing. He is the founder of CARROLL, a real estate firm which manages over 30,000 multi-family properties. On July 21, 2021, M Patrick Carroll shared some of his insights into the multi-family housing market at the BisNow South Florida Deal Flow and Investment Strategies Summit.
He predicted that there would be a large-scale migration from the cities into the suburbs starting in 2021 and continuing for years. He attributed this to some of the advantages that suburbs have over cities, such as lower-priced housing and better areas for taking walks, but also to the growing trend of remote work and the corresponding decrease in workers’ need to live close to the office. M Patrick Carroll explained that owners of multifamily units should get ahead of this trend by upgrading their units with the technology that these workers will need to work at home, and that these upgrades will more than pay for themselves.
However, he also cautioned that no market has an upward trajectory forever, including the multi-family housing market. He predicted that increased interest rates could lead to a downturn in the market, as well as hurricane damage.
The other speakers at the conference agreed with M Patrick Carroll that the South Florida commercial real estate market has experienced a recent boom, especially in the industrial market and the multi-family housing market. They attributed this growth to some of Florida’s business policies, its steady population growth, its low taxes and its response to Covid-19 being less restrictive than the response in other parts of the country.
Learn more about Patrick: https://mpatrickcarroll.medium.com/