Florida has become the go to state not only for retirees but for new generations of buyers and renters from the northeast to the west coast. However, if you are searching for a place to rent in this state, there is some troubling news for you. According to a recent rental study, a staggering increase of up to 29% in rental rates along with a growing shortfall in rental properties is putting pressure on would-be renters who would love to call the Sunshine State their home.
On June 6, the National Rent Study of the rental housing market found that 10 of the 14 most-overvalued rental markets in the country are in Florida. And according to a new study, the average renter in Florida needs to make at least six figures to avoid being rent burdened.
In addition to the rental crisis, the state has experienced a wave of property insurance companies exiting, leading to increased costs for homeowners and homebuyers. Additionally, persistent high inflation adds to their financial burdens, creating a grim outlook for housing affordability.
In the past year, four major insurers, including Farmers Insurance, have announced their departure from Florida. These companies cite the escalating risks posed by hurricanes and other extreme weather events, which have become more frequent and severe due to climate change. The exodus of insurance providers is causing concerns among industry experts, as it puts substantial pressure on homeowners and potential buyers who must now grapple with the limited availability of affordable insurance coverage.
Lawmakers have stepped in with a $711 million plan to build affordable housing, incentivizing new construction through tax breaks and offering interest-free loans to help Floridians afford down payments. However, renters looking for immediate relief will be left waiting for new units to be built, which can take years.
Fortunately, Cuentas, Inc. (NASDAQ:CUEN) is focused on tackling Florida’s housing dilemma with patented, high-tech, affordable, and weather-resistant building technology that can produce entire residential rental communities significantly faster and at a lower cost than traditional developments.
Establishing Leadership in a Market in Need
By strategically securing sites near urban zones and making innovative sustainable technologies available for construction and management, Cuentas is building momentum and reputation as a leader in the market. They are collaborating with select developers to build entire sustainable affordable housing communities in areas that have been hit hardest by the rental crisis. The company’s goal is to make housing more beautiful, more sustainable, and more cost efficient. Through this process, not only has time to market been dramatically reduced, but savings in core construction has been estimated to be reduced by as much as 30%. Cuentas wants to pass this savings on to the renter.
Cuentas is a tech driven company and has used its savvy to identify new technologies that are positively impacting what the company calls “socially responsible” construction. These are not boring, single rental buildings which can become a blight on the landscape. They are entire communities complete with a broad array of resident amenities and built using a high-tech sustainable method that is the first of its kind in the US. Earlier this year, Cuentas became the first company in the world to receive a 10 year supply agreement with Renco USA; working with Renco to bring their internationally-renowned technology to the US. This 10 year supply agreement helps to ensure that Cuentas and its development partners will have ample access to Renco’s cutting-edge MCFR (Mineral Composite Fiber Reinforced) system which creates interlocking, fiber reinforced, composite building blocks that can be connected in a variety of designs.
The material is more affordable than traditional building materials, eco-friendly, sustainable and hurricane proof up to Category 5, which is a major benefit for housing projects in Florida.
In addition to its pilot project, now nearing completion in Lakewood Village Florida, just north of Palm Beach, Cuentas is targeting properties for development across all of Florida. This includes the company’s recently announced sustainable community development initiatives in Tampa (360 units) and Ocala (400 units). The introduction of these new initiatives is expected to further expand the company’s impact, aiming to reach approximately 1,500 apartments in total before the end of the year with more to come in 2024. Cuentas’ commitment to providing sustainable and affordable communities demonstrates their dedication to addressing the pressing needs of what the company refers to as the underserved; individuals and families who have been left out of the traditional market.
In addition to the construction tech secured by Cuentas, these properties come with all the necessary permits and entitlements, providing a competitive advantage for rapid development, cost reduction, and expedited time to market.
Please visit this link for additional information on Cuentas, Inc. (NASDAQ:CUEN).
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