South Florida Multifamily 2020 Forecast

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$846M 2019 Sales

$6,900,000 2019 Average Sale Price

$187

$179,987

2019 Average Sale PSF

2019 Average Sale per Unit

$1,489

95.3%

2,491

162,825

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 2019 2018 2017 2016 2015 $921,876,118 2014 2013 2012 2011 2010 0 1,000 2,000 3,000 4,000 5,000 6,000 2010 2011

EFFECTIVE RENT GROWTH

ASKING RENT GROWTH

ASKING RENT PSF

NET ABSORP

NEW UNITS

EFFECTIVE RENT

EFFECTIVE RENT PSF

# OF SALES

TOTAL # OF UNITS

ASKING RENT

VACANCY

$845,740,868 123 162,825 $1,489 $1.74 2.1% $1,474

$1.72

2.9% 4.7% 2,491

4,197

$988,757,264 125 158,701 $1,459 $1.70 3.2% $1,432

$1.67

3.0% 4.0% 3,594 2,410

$1,580,578,067 134 156,462 $1,414 $1.65 5.2% $1,390 $1.62

5.0% 5.0% 2,695 3,787

$1,463,507,034 146 153,022 $1,344 $1.58 4.9% $1,324

$1.55

4.3% 4.6% 3,857 5,061

151

148,100 $1,281 $1.51 7.8% $1,269

$1.49

7.8% 4.2% 3,102 3,423

$572,590,718 178 145,171

$1,188 $1.41 6.6% $1,177

$1.40

6.3% 4.4% 2,490 3,350

$456,497,246 103 142,281 $1,114 $1.33 5.7% $1,107

$1.33

5.7% 4.2% 2,497 2,531

$493,114,465 88 139,987 $1,054 $1.27 3.6% $1,047

$1.26

3.5% 4.4% 951

1,695

$200,764,282 66 138,840 $1,017 $1.23 1.9% $1,012

$1.22

1.9% 4.3% 447 1,564

$215,761,340 49 138,078 $998

$1.21 1.6% $993

$1.20

1.7% 4.3% 1,668 868

Miami-Dade Apartments Under Construction 70 apartment buildings totaling 16,119 units under construction in Miami-Dade BUILDING Luma Lanai Landings Zoi House Avalon Doral

# OF UNITS

EXPECTED COMPLETION

CITY

Miami

434

2022

Princeton

54

2020

Coconut Grove

130

2020

Doral

350

2021

Pine Groves

Homestead

204

2021

Miami-Dade Deliveries Versus Absorption

2012

2013

2014

2015

2016

2017

2018

2019

Net Absorption (Units)

Deliveries (Units)