What Impact Will Hurricane Helene Have on the Housing Market?

Hurricane Helene hit areas of the Southeastern U.S. last week, causing damage that is still being assessed. Major storms typically have a lasting effect on the areas they impact. Using Tampa, Fla., as an example, John Burns Research and Consulting analyzed the effects of the storm on the housing market, predicting a rise in temporary housing demand, inland migration, and insurance rates, among other related changes.

Flooded and damaged homes typically become unlivable, forcing most residents to move into rental housing while they wait for repairs. Following Hurricane Ian in 2022, the occupancy rate in Fort Myers increased from 95.2% to 98.2% as many residents used temporary housing assistance to rent.

We expect Tampa’s apartment market to see a similar trend after Hurricane Helene.

It is still early, but we expect storm-ravaged markets in the Southeast to experience a surge in rental demand. The increased apartment demand will help Florida and the Southeast absorb much of the new supply that entered the market over the past 2 years.

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