Q3 2017 - Multifamily Market Update Newsletter

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$1.265B

$11,850,000 YTD Average Sale Price

$209

$132,892

2017 Sales (YTD)

YTD Median Sale PSF

YTD Median Sale per Unit

$1,315

95.0%

2,330

162,914

Average Rent Per Unit

Occupancy Rate

Annual Unit Net Absorption Inventory of Rentable Units

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM 6 YEAR $ SALES VOLUME 2017 (YTD) $1,265,681,078 2016 2015 $931,050,888 2014 $633,508,932 2013 $495,784,046 2012 $613,235,041 2011 $216,153,258 2010 $182,690,978 2009 $177,682,078 2008 $115,236,200 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 2008 2009

ASKING RENT PSF

ASKING RENT GROWTH

EFFECTIVE RENT GROWTH

# OF SALES

TOTAL # OF UNITS

ASKING RENT

EFFECTIVE RENT

EFFECTIVE RENT PSF

NET ABSORP

NEW UNITS

VACANCY

107 162,914 $1,315 $1.55 3.1% $1,277

$1.51

2.5% 5.0% 2,330 2,758

$1,660,305,578 155 160,379 $1,276 $1.51 5.5% $1,246

$1.47

4.5% 4.9% 3,669 5,201

157 155,327 $1,209 $1.44 6.8% $1,192

$1.42

5.8% 4.4% 3,151

3,755

190 152,033 $1,132 $1.36 4.0% $1,127

$1.35

4.0% 4.4% 2,813 3,561

115 149,063 $1,088 $1.31 4.3% $1,084 $1.31

4.6% 4.4% 2,433 1,903

102 147,447 $1,043 $1.26 4.1% $1,036 $1.25

4.0% 5.0% 1,038 1,894

81

146,101 $1,002 $1.21 1.2% $996

$1.21

1.2% 4.9% 454 1,703

52 145,288 $990 $1.20 1.7% $984

$1.19

1.8% 4.7% 2,056 903

40 144,513 $973

$1.18 -2.7% $967

$1.17

-2.6% 5.6% 1,845 2,088

48 142,645 $1,000 $1.22 -2.9% $993

$1.21

-3.0% 5.8% -183 1,792

Miami-Dade Apartments Under Construction 25 apartment buildings totaling 8,152 units under construction in Miami-Dade BUILDING NOMA Pearl Midtown Quadro

# OF UNITS

EXPECTED COMPLETION

CITY

Modera Riverhouse

Miami

292

2018

N MIami Beach

354

2019

Miami

309

2018

Miami

198

2019

Motion at Dadeland

Miami

292

2017

Miami-Dade Deliveries Versus Absorption

2010

2011

2012

2013

2014

2015

2016 2017 (YTD)

Net Absorption (Units)

Deliveries (Units)