South Florida Multifamily 2018 Mid-Year Update

MARKET FUNDAMENTALS SNAPSHOT

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

Miami-Dade

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

AVERAGE SALARY

MEDIAN HOME VALUE

YEAR POPULATION

2018(F) 2,788,000 1.3% 2017 2,752,000 1.3% 2016 2,730,000 1.4% 2015 2,693,000 0.9% 2014 2,669,000 1.0% 2013 2,642,000 1.2%

4.3% $49,658

4.5% 3.4% 5.1% 2.0%

$359,180 $338,621 $332,490 $330,475 $302,705 $257,329

6.1% 7.6% 9.8% 8.1% 8.8% 23.7%

4.8%

$47,519

5.4% $45,998

5.7% 6.3% 7.2%

$43,786 $42,914 $42,444

1.1% 1.1%

Broward

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

AVERAGE SALARY $58,297 $55,874 $56,871 $53,926 $52,127

MEDIAN HOME VALUE

YEAR POPULATION

2018(F) 1,968,000 1.7% 2017 1,936,000 1.0% 2016 1,929,000 1.7% 2015 1,896,000 1.4% 2014 1,870,000 1.4% 2013 1,844,000 1.4%

3.3% 3.9% 4.4% 4.5% 5.0%

4.3% 3.1% 5.5% 3.5% 2.8% 1.8%

$332,102 $316,693 $285,120 $261,912 $252,995 $240,960

4.9% 10.1% 8.9% 3.5% 5.0% 22.5%

5.8% $50,690

Palm Beach

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

AVERAGE SALARY $62,798 $59,764

MEDIAN HOME VALUE

YEAR POPULATION

2018(F) 1,509,000 2.6%

3.5% 4.1%

5.1% 3.8% 5.7% 4.3% 4.0% 1.4%

$357,392 $336,787 $298,620 $269,971 $255,195 $240,167

6.1% 9.4% 10.6% 5.8% 6.3% 21.3%

2017 1,471,000 2016 1,461,000 2015 1,423,000 2014 1,399,000 2013 1,376,000

1.2% 2.7% 1.7% 1.7% 1.3%

4.7% $60,086 4.3% $56,664 4.8% $54,206

6.1%

$52,060

*Data reported by BLS, Moodys and Alteryx Demographics

CONSTRUCTION 18,939 apartment units are currently under construction in SoFla. This is 5.3% of the current apartment inventory. HOUSING 63.4% home ownership rate in SoFla, still near a 30-year low. 61.2% | 61.8% | 72.2% median single-family home price increase in Miami-Dade, Broward, and Palm Beach Counties respectively since 2013. $316,693 median home value in Miami-Dade. $1,381 average asking rent in Miami-Dade.

POPULATION 403,000 SoFla Population Growth in past 5 years. 555,000 | 8.9% positive net migration over the next 5 years. EMPLOYMENT 331,350 new jobs added in the past five years, in SoFla. 4.8% Miami-Dade unemployment 3.9% Broward unemployment 4.1% Palm Beach unemployment 8.5 jobs for every apartment unit in SoFla.

INCOMES 3.4% median salary income increase in 2017.

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