South Florida Multifamily 2018 Mid-Year Update

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$450M

$7,150,000

$191

$174,904

2018 Sales (YTD)

YTD Average Sale Price

YTD Average Sale PSF

YTD Average Sale per Unit

$1,381

95.7%

2,259

165,649

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 2018 (YTD) $449,587,572 2017 $1,535,279,700 2016 $1,542,190,878 2015 $943,350,888 2014 $633,298,232 2013 $502,280,394 2012 $611,235,041 2011 $206,978,638 2010 $180,065,978 2009 $175,262,078 0 1,000 2,000 3,000 4,000 5,000 6,000 2009 2010

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

63 165,649 $1,381 $1.62 1.5% $1,363

$1.60

1.9% 4.3% 2,259 990

133 164,659 $1,361 $1.59 2.6% $1,338

$1.57

2.1% 5.1% 3,612 4,534

152 160,425 $1,327 $1.56 3.6% $1,310

$1.53

2.9% 4.9% 3,946 5,392

158 155,182 $1,281 $1.50 7.9% $1,273

$1.50

7.7% 4.5% 3,114 3,771

190 151,909 $1,187 $1.41 6.5% $1,182

$1.40

6.4% 4.5% 2,883 3,670

116 148,780 $1,115

$1.33 5.5% $1,111

$1.33

5.8% 4.4% 2,294 1,903

101

147,130 $1,057 $1.27 4.0% $1,050 $1.26

4.0% 4.9% 1,198 1,894

76 145,784 $1,016 $1.22 2.0% $1,010

$1.22

2.0% 4.9% 288 1,578

50 145,096 $996

$1.21 1.4% $990

$1.20

1.5% 4.8% 2,028 905

39 144,321 $982

$1.19 -2.8% $975

$1.18

-2.8% 5.7% 2,067 2,088

Miami-Dade Apartments Under Construction 30 apartment buildings totaling 9,837 units under construction in Miami-Dade BUILDING Lazul Quadro

# OF UNITS

EXPECTED COMPLETION

CITY

Soleste Blue Lagoon

Miami

330

2019

N MIami Beach

354

2019

Villas de las Palmas

Hialeah

226

2018

Miami

198

2019

Modera Edgewater

Miami

297

2019

Miami-Dade Deliveries Versus Absorption

2011

2012

2013

2014

2015

2016

2017

2018 (YTD)

Net Absorption (Units)

Deliveries (Units)