Condo conversion craze
Outstanding detailed coverage in the News-Press on the growing issue of rental shortages here in Southwest Florida due to condo conversions. It is estimated that 5,500 apartments have been converted in Lee County, further decreasing the supply of affordable housing.
I have never been a fan of investing in these re-habbed apartment buildings. Often times the conversion upgrades are cosmetic and complex still has tired infrastructure and systems. Many of the older complexes that are being converted were built before the stricter hurricane codes went into effect. I also don't like the investor ownership percentages in some of these projects, way too high for my appetite.
Condo conversions make Lee rentals scarce [News-Press]