National rental trend reaches South Florida development

Mahesh Pattabhiraman, chief lending officer at Apollo Bank

The nationwide rental boom is moving to South Florida, where, for the first time in years, developers are rushing to build apartment buildings in cities from Plantation and Davie to Doral and Coral Gables, the Miami Herald reported. “Rentals will be in demand for a while,” said Mahesh Pattabhiraman, chief lending officer for Miami-based Apollo Bank. “The pendulum has swung.”

Last month, Apollo Bank got on the rental bandwagon, making a land-acquisition loan to Miami’s Adler Group, which plans to build two 20-story rental apartment towers near the west end of the 79th Street Causeway. Downtown Miami rents jumped 11 percent last quarter compared to the prior-year quarter. [Miami Herald]