Miami Beach Multifamily Market Update

MULTIFAMILY INVESTMENT PROPERTIES GROUP | SOUTH FLORIDA YEAR UNITS ASKING RENT ASKING RENT PSF ASKING RENT GROWTH 2016 (YTD) 10,194 $1,328 $1.95 2015 10,239 $1,298 $1.91 2014 10,259 $1,260 $1.85 2013 10,339 $1,208 $1.76 2012 10,352 $1,171 $1.70 2011 10,687 $1,122 $1.62 2010 10,683 $1,110 $1.61 2009 10,729 $1,098 $1.59 2008 10,816 $1,118 $1.62 2007 10,816 $1,140 $1.66 MIAMI BEACH DELIVERIES VERSUS ABSORPTION MIAMI BEACH MULTIFAMILY MARKET SUMMARY EFFECTIVE RENT EFFECTIVE RENT PSF 2.3% $1,322 $1.94 3.0% $1,294 $1.90 4.3% $1,255 $1.84 3.2% $1,203 $1.75 4.4% $1,164 $1.69 1.0% $1,115 $1.61 1.1% $1,105 $1.60 -1.7% $1,092 $1.58 -2.0% $1,111 $1.61 2.2% $1,133 $1.64

DELIEVERED UNITS

NET ABSORP

EFFECTIVE RENT GROWTH

VACANCY

2.3%

7.4% -130

-

3.2%

6.4% -84

-

5.0%

5.8% -175

-

3.7%

4.7% 124

8

4.9%

6.1% -290

-

1.1%

6.4% -89

12

1.2%

5.6% 15

-

-2.0% 6.2% -71

-

-2.2% 6.3% -7

-

2.3%

6.2% -148

-

100

50

0

-50

100

-100

50

-150

0

-200

-50

-100

-250

-150

-300

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016 YTD

-200

Net Absorption (Units)

Deliveries (Units)

-250

-300

Miami-Dade County 2014

Miami Beach 2010

2007

2008

2009

2011

2012

2013

2015

2016 YTD

$1,000 $1,200 $1,400 $1,600 $1,800 $2,000

8.0%

7.4%

MIAMI BEACH RENT VERSUS VACANCY

Net Absorption (Units)

Deliveries (Units)

6.4%

7.0%

6.2%

5.6%

4.7%

Miami-Dade County

Miami Beach

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,6 0 $1,800 $2,000 $0 $200 $4 0 $600 $800

8.0%

6.0%

7.4%

6.4%

7.0%

6.2%

5.0%

4.3%

5.6%

4.7%

3.8%

6.0%

3.2%

4.0%

5.0%

4.3%

3.8%

2.5%

3.0%

3.2%

4.0%

2.5%

2.0%

3.0%

2.6%

2.0%

1.0%

2.6%

$1,247 1.0%

0.0%

$974

$965

$937

$951

$982

$1,140 2007 $1,140

$1,118 2008 $1,118

$1,098

$1,110

$1,122

$1,171 2012 $1,020

$1,020

$1,208

$1,071

$1,260

$1,129

$1,298

$1,218

$1,328

2009

2010

2011 $982

2013 $1,071

2014

2015

2016 YTD

0.0%

$974

$965

$937

$951

$1,098

$1,110

$1,122

$1,171

$1,208

$1,260

$1,129

$1,298

$1,218

$1,328

$1,247

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016 YTD

Vacancy %

Asking Rent $/unit

Vacancy %

Asking Rent $/unit