South Florida Multifamily 2020 Forecast

BROWARD MULTIFAMILY MARKET SUMMARY

$1.65B 2019 Sales

$20,100,000 2019 Average Sale Price

$208

$214,441

2019 Average Sale PSF

2019 Average Sale per Unit

$1,531

94.8%

2,166

125,518

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 8 YEAR $ SALES VOLUME 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 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

$1,647,550,639 82 125,518 $1,531 $1.58 2.5% $1,519

$1.57

3.4% 5.2% 2,166 1,635

$1,502,332,701 87 123,965 $1,494 $1.55 2.8% $1,469

$1.52

2.9% 5.7% 3,471 2,503

$1,650,021,446 73 121,472 $1,453 $1.50 4.4% $1,428

$1.48

3.9% 6.7% 3,077 4,241

$2,586,936,457 101

117,481

$1,392 $1.44 2.7% $1,374

$1.42

2.2% 6.1% 1,461

3,529

$1,626,961,862 96 113,987 $1,355 $1.41 7.9% $1,344

$1.39

8.1% 4.7% 2,685 2,608

$740,716,698 76 111,419 $1,256 $1.30 5.5% $1,243

$1.29

5.2% 4.9% 3,720 4,282

$690,827,533 61

107,220 $1,191 $1.24 4.6% $1,182

$1.23

4.7% 4.7% 2,451 1,698

$792,260,814 55 105,620 $1,139 $1.18 4.1% $1,129

$1.17

3.9% 5.6% 1,668 1,632

$482,034,400 32 104,280 $1,094 $1.14 2.1% $1,087

$1.13

2.1% 6.0% 792 725

$515,896,800 20 103,696 $1,072 $1.12 1.9% $1,065

$1.11

2.0% 6.2% 1,918 997

Broward Apartments Under Construction 29 apartment buildings totaling 8,440 units under construction in Broward BUILDING X Las Olas SIX13

# OF UNITS

EXPECTED COMPLETION

CITY

Fort Lauderdale

700

2021

Modera Cornerstone

Plantation

330

2021

Fort Lauderdale

142

2020

Suede Downtown Davie Davie

209

2021

Sol Van Buren

Hollywood

62

2021

Broward Deliveries Versus Absorption

2012

2013

2014

2015

2016

2017

2018

2019

Net Absorption (Units)

Deliveries (Units)