WeaveReport South Florida Multifamily

BROWARD MULTIFAMILY MARKET SUMMARY

$3,355,000,000

$15,300,000 2022 Average Sale Price

$308

$312,369

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,218

94.6%

508

127,708

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 YEAR $ SALES VOLUME 2022 2021 2020 $1,465,943,863 2019 $1,821,209,813 2018 2017 $1,604,438,161 2016 2015

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

$3,355,154,650 219 127,708 $2,218 $2.27

5.1% $2,204

$2.26

4.8% 5.4% 508 3,260

$4,624,704,346 225 124,448 $2,110

$2.16

21.3% $2,103

$2.15

23.2% 3.4% 7,095 2,174

111 122,274 $1,739

$1.78

2.1% $1,707

$1.74

1.0% 7.4% 3,589 6,090

112 116,184 $1,704

$1.74

2.5% $1,690

$1.73

3.4% 5.7% 2,488 1,810

$1,503,133,467 102 114,374 $1,662

$1.70

2.3% $1,634

$1.67

2.4% 6.4% 3,342 2,478

83 111,896 $1,625

$1.66

3.2% $1,595

$1.63

2.8% 7.3% 2,800 3,796

$2,442,285,991 106 108,100 $1,574

$1.61

1.8% $1,551

$1.58

1.3% 6.6% 1,742 3,394

$1,633,404,361 104 104,706 $1,546

$1.58

5.7% $1,531

$1.56

6.0% 5.2% 2,482 2,171

2014

$726,945,679

82 102,535 $1,463

$1.49

4.1% $1,444

$1.47

3.7% 5.7% 3,419 3,901

2013

$668,093,919

60 98,634 $1,405

$1.43

2.6% $1,393

$1.42

2.7% 5.4% 2,436 1,844

Broward Apartments Under Construction 48 apartment buildings totaling 13,114 units under construction in Broward.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 6,955 27 2024 6,159 21

Broward Deliveries Versus Absorption

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net Absorption (Units)

Deliveries (Units)

10