What is the expected rate for return for multi-family and/or student housing in Florida?

Henry,
Excellent question in this market. Typical rate of return for multifamily properties in Florida is going to be between 8-12% annually. Multifamily properties are advantageous in that occupancy levels are usually kept high; whereas single family student housing must be tenant occupied to be lucrative. Our firm offers both, multi and single family properties at over 15-20% annual rate of return. I'd be happy to assist.

Hi Henry,
Investors will demand higher returns for new construction than for existing multifamily. You should expect an equity investor to ask for a preferred return in the 7% to 9% range, plus a large share of the development profit - enough to reasonable generate a projected return on equity in the mid 20%'s + range for their money.
This is because a new project will have construction risk, market/lease-up risk, etc . . . so they will be facing a series of unknowns instead of buying a future stream of existing proven cash flow.
Existing, stabilized multifamily property will generally sell for cap rates in the 6% to 9% range, depending upon age, quality, and so on. But that spread is how you make money developing new projects; budget and build it out to a projected 10% to 12% cap rate and sell it stabilized at a 6% to 9%.

Great question, I buy at 10% CAP and above only.
Make sure it's ACTUAL numbers vs. "Pro formas". New construction unless your doing it for tax credit purposes, just buy an existing performing new multi-family piece if equity & cash flow are your goals.
You can always also purchase a half occupied complex, move people to 1 side & play new remodel construction on the other side. This way the project has eyes & income to assist with the shortening of return time for investors. Higher rate of return of course the faster the projects are complete.