South Florida Multifamily 2020 Forecast

MARKET FUNDAMENTALS SNAPSHOT

Miami-Dade

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2019 2,790,450

1.0%

3.36% 3.84% 4.58% 5.15% 5.82%

$55,782 $52,746 $49,930 $46,889 $44,803

5.8% 5.6% 6.5% 4.7% 2.5%

$380,420 $370,071 $348,388 $314,740

2.8% 6.2% 10.7% 5.5% 6.4%

2018 2017 2016

2,761,581

0.6% 0.8% 1.3% 1.0%

2,744,878

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM 12 2,722,574 2015 2,688,156 Broward Palm Beach Growth in 2019. YEAR POPULATION 2019 1,977,201 2018 1,951,260 2017 1,934,471 2016 1,912,977 2015 1,885,443 YEAR POPULATION 2019 1,516,218 2018 1,485,941 2017 1,470,338 2016 1,451,384 2015 1,424,685

$298,271

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

1.3%

3.20% 3.38%

$62,584 $59,313

5.5% 4.3%

$333,844 $325,467

2.6% 4.8%

0.9%

1.1%

3.97%

$56,842

3.3%

$310,564

8.0%

1.5% 1.3%

4.48%

$55,024 $53,370

3.1%

$287,475 $260,692

10.3%

5.13%

2.2%

3.1%

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

2.0%

3.42% 3.56%

$66,697 $62,818 $60,057 $58,422 $56,105

6.2% 4.6% 2.8% 4.1% 3.1%

$353,401 $343,532 $328,323 $307,562 $280,300

2.9% 4.6% 6.8% 9.7% 10.0%

1.1%

1.3% 1.9% 1.8%

4.17%

4.69%

5.12%

*Data reported by BLS, Moodys and Alteryx Demographics

SOUTH FLORIDA: POPULATION | HOUSEHOLDS

SOUTH FLORIDA CONSTRUCTION

1.4% 2.1% |

31,637 apartment units are currently under construction in SoFla. This is 8.8% of the current apartment inventory.

|

371,803 142,625 355,572 232,341 |

Growth in past 5 years.

Increase over next 5 yrs.

SOUTH FLORIDA EMPLOYMENT 271,107

SOUTH FLORIDA HOUSING 69.2% | 59.9% home ownership rate in 2005 and 2019 respectively. 30.1% | 30.0% | 29.8% median single-family home price increase in Miami-Dade, Broward, and Palm Beach Counties respectively since 2015. $358,806 median home value in So Fla. $700 difference in average monthly rent and a mortgage on the median home value in South Florida.

New jobs added in past 5 years.

3.4% Miami-Dade unemployment. 3.2% Broward unemployment. 3.4% Palm Beach unemployment. 8.6 Jobs for every apartment unit in SoFla. SOUTH FLORIDA INCOMES 5.8% Median salary income increase in 2019. 2.7% Rent growth in 2019.