Flood Warning issued October 1 at 10:09AM EDT expiring October 4 at 2:00AM EDT in effect for: Sarasota
The roar of heavy machinery is becoming a familiar sound in Downtown St. Petersburg.
It’s all part of a mini construction boom as apartments buildings rise.
"There's a huge demand of people that want to live downtown," realtor Tami Simms said.
More than 1,200 units within a mile radius are planned, under construction or already occupied.
Modera Prime 235, Campbell Landings, and Beacon 430 are just a few of those hot spots. Urban Landings and Harbour's Edge were completely filled before construction was complete.
"They come in the door all the time asking for information about rentals downtown," Simms said.
The rule of supply and demand becomes a factor, she said. If you're looking to move downtown, expect to pay a pretty steep price.
"This is the place where people want to be, so folks that are on the other side of the equation know that they can get the dollars," Simms said.
To go along with all the new development, older properties, such as the newly renovated Urban Style Flats, are seeing a boom when it comes to renters.
"We do have a waiting list,” Urban Style Flats Residential Manager Malachi Jones said. "Downtown St. Petersburg is like a sleeping giant. The more apartment complexes that are downtown, the more people will come."
You can also thank millennials, who are ditching home ownership in favor of apartments in more urban areas. All that demand is leading to more future ground breakings. That includes the Hermitage Apartments, a complex that's expected to take up a whole city block. It's scheduled to open by the end of 2015.
If you are planning to move downtown, you may want to act fast.
"The biggest piece of advice is if you find something you think you like and that you can afford, you better grab it because it will be gone tomorrow," Simms said.