South Florida Multifamily 2018 Mid-Year Update

BROWARD 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

21,977 $1,489

$1.43

1.7% $1,477

$1.42

2.7% 5.0% 221

15

Coral Springs

16,832 $1,648

$1.86

1.3% $1,608

$1.81

0.8% 8.0% 549

316

Fort Lauderdale

12,320 $1,292

$1.51

1.3% $1,275

$1.49

0.4% 8.9% 105

592

Hollywood/Dania Beach

5,338 $1,198

$1.39

1.3% $1,188

$1.38

0.9% 4.1% 18

-

Miramar/Hallandale Beach

13,887 $1,202

$1.36

2.7% $1,196

$1.35

3.6% 4.5% 253

-

Oakland Park/Lauderhill

Pembroke Pines/West Miramar

10,037 $1,780

$1.63

0.0% $1,768

$1.62

0.4% 5.2% 339

-

17,785 $1,537

$1.50

2.8% $1,529

$1.49

3.3% 5.0% 215

-

Plantation/Sunrise

Pompano Beach/Deerfield Beach

15,329 $1,253

$1.37

1.5% $1,243

$1.36

1.6% 4.3% 330

210

9,104 $1,621

$1.61

4.2% $1,611

$1.60

5.3% 4.9% 446

-

Weston_Davie

122,609 $1,465 $1.51

1.9% $1,451 $1.50

2.3% 5.3% 2,476 1,133

TOTAL/AVERAGE

• In the first six months of 2018, there were 37 apartment sales totaling $638 million with an average price of $179,652 per unit or $175 per square foot.

• For a tenth year in a row, average asking and effective rents were at record levels. Year-to- date, average asking rents grew by 1.9%. This was below the record 8.1% rent increase in 2015.

• Vacancies decreased year-to-date to 5.3% from 6.5%.

• There are 6,191 units forecasted for delivery to market. This represents only 5.0% of the current inventory in the market.

• Year-to-date there were 1,343 more units absorbed than delivered in Broward. This is another indication of increasing demand and outpacing supply which keeps vacancies low.

• By year-end 2018 median salary income in Broward is expected to increase by +/- 4.3%, one of the biggest increases since 2006. • Population has grew by 124,000 in the past five years.

*Data as of July-2018, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar

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