Q3 2017 - Multifamily Market Update Newsletter

MIAMI-DADE MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

ASKING RENT GROWTH

EFFECTIVE RENT GROWTH

ASKING RENT

ASKING RENT PSF

EFFECTIVE RENT

EFFECTIVE RENT PSF

NET ABSORPTION

DELIVERED UNITS

SUBMARKET

UNITS

VACANCY

2,771

$1,668 $1.66

0.4% $1,667

$1.65

1.9% 12.7% 27

-

Aventura

9,775 $1,292 $1.94

0.0% $1,263

$1.90

-0.8% 8.9% 29

12

Bal Harbor/South Beach

10,922 $1,392 $1.86

3.6% $1,333

$1.79

1.5% 5.5% 22

-

Brickell/Downtown

2,522 $1,395 $1.92

3.1% $1,333

$1.84

2.0% 7.6% 48

51

Coconut Grove

5,723 $1,920 $2.24

3.3% $1,808

$2.13

-0.4% 6.3% 26

-

Coral Gables

22,122 $1,226 $1.43

1.7% $1,214

$1.41

1.5% 2.6% -121

-

Hialeah/Miami Lakes

20,692 $973

$1.11

3.0% $970

$1.10

1.8% 4.0% 667

796

Homestead/South Dade

13,914 $1,574 $1.73

5.7% $1,508

$1.67

5.3% 5.3% 685

412

Kendall

33,251

$1,036 $1.27

2.0% $1,029

$1.26

1.6% 3.7% 360

355

Miami Gardens/OpaLocka

18,449 $1,621

$1.73

4.3% $1,564

$1.67

2.9% 9.8% 485

888

Miami Springs/Doral

18,627 $1,157 $1.45

1.1% $1,148

$1.44

1.9% 4.8% -31

-

North Miami/Beach

Outlying Miami-Dade County

783

$1,343 $1.11

3.3% $1,293

$1.07

42.1% 19.3% 108

244

3,363 $1,237 $1.61

0.2% $1,223

$1.60

1.1% 3.0% 25

-

Westchester/Tamiami

162,914 $1,315 $1.55

3.1% $1,277

$1.51

2.5% 5.0% 2,330 2,758

TOTAL/AVERAGE

• In the first ten months of 2017, there were 107 apartment sales totaling $1.265 billion with a median price of $132,892 per unit or $209 per square foot.

• For a ninth year in a row, average asking and effective rents were at record levels. • Year-to-date, average asking rents grew by 3.1%. This is below the record 6.8% rent increase in 2015.

• Vacancies are at record lows. Some submarkets will experience short term vacancy increases in the coming months with new supply.

• There are 8,152 units forecasted for delivery to market. This represents only 5.0% of the current inventory in the market.

• Year-to-date net absorption was over 2,330 units. In 2016 new units outpaced net absorption by almost 2,000 units contributing to a slightly higher vacancy rate.

• By year-end 2017 median salary income in Broward is expected to increase by +/- 3.9%, one of the biggest increases since 2006. • The population has grown by 108,520 in the past five years.

*Data as of October-2017, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales

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