Q3 2016: Multifamily Market Update

MULTIFAMILY INVESTMENT PROPERTIES GROUP | SOUTH FLORIDA MIAMI-DADE MULTIFAMILY MARKET SUMMARY YEAR $ SALES VOLUME # OF SALES TOTAL # OF UNITS ASKING RENT ASKING RENT PSF ASKING RENT GROWTH EFFECTIVE RENT EFFECTIVE RENT PSF 2016 711,183,000 102 151,787 $1,247 $1.48 2.4% $1,211 $1.44 2015 918,139,900 148 150,303 $1,218 $1.44 7.9% $1,187 $1.41 2014 706,373,000 165 147,197 $1,129 $1.34 5.4% $1,112 $1.33 2013 550,882,000 114 144,127 $1,071 $1.28 5.0% $1,060 $1.27 2012 576,245,000 108 142,748 $1,020 $1.23 3.9% $1,007 $1.21 2011 236,787,200 84 141,402 $982 $1.18 3.3% $962 $1.16 2010 202,912,833 57 140,579 $951 $1.15 1.5% $929 $1.13 2009 188,255,924 41 139,785 $937 $1.14 -2.9% $911 $1.10 $710 MILLION $6.97 MILLION $178 PSF 2016 Sales $1,247 97.5% Average Rent Per Unit Occupancy Rate

$125,000

2016 Average Sale Price YTD Median Average Sale PSF YTD Median Sale per Unit

2,137 UNITS

151,787 UNITS

Annual Unit Net Absorption Inventory of Rentable Units

EFFECTIVE RENT GROWTH

NET ABSORP

NEW UNITS

VACANCY

2.0% 2.5% 2,137 1,596

6.7% 2.7% 3,016 3,356

4.9% 2.6% 3,149 3,665

5.3% 2.6% 2,064 1,666

4.7% 2.8% 2,054 1,896

3.6% 3.2% 1,251

1,703

2.0% 3.3% 1,947 922

-1.9% 4.1% 1,950 2,120

2008 122,251,200 50 137,885 $965

$1.17

-0.9% $929

$1.13

-2.1% 4.3% 514 1,790

2007 366,148,835 66 136,177 $974

$1.18

N/A $949

$1.15

N/A 3.8% -13

1,624

Miami-Dade Apartments Under Construction 24 apartment buildings totaling 9,023 units under construction in Miami-Dade BUILDING Soleste Prado Solitair Brickell

# OF UNITS

EXPECTED COMPLETION

CITY

Miami

194 2017

Coral Gables

181 821

2017 2017

Modera Station II

Miami Miami

Panorama Tower

438 2018 400 2017

Aventura

Gables Aventura

Miami-Dade Deliveries Versus Absorption

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

-500

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Net Absorption (Units)

Deliveries (Units)

6