WeaveReport South Florida Multifamily

BROWARD MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

NET ABSORPTION

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY

SUBMARKET

UNITS

19,425

$2,206

$2.09

3.6%

6.1%

-567

-

555

Coral Springs

22,208

$2,715

$3.02

3.7%

6.8%

333

711

3,268

Fort Lauderdale

Hollywood/ Dania Beach

14,057

$1,850

$2.18

6.6%

6.6%

261

771

3,123

Miramar/ Hallandale Beach Oakland Park/ Lauderhill Pembroke Pines/ West Miramar

4,798

$2,042

$2.24

5.5%

4.6%

128

250

0

14,734

$1,731

$1.94

6.9%

4.1%

-213

-

1,165

11,678

$2,566

$2.39

5.7%

5.2%

456

650

1,291

19,087

$2,190

$2.14

5.4%

5.5%

388

828

1,360

Plantation/Sunrise

Pompano Beach/ Deerfield Beach

13,822

$1,925

$2.07

5.7%

3.3%

-98

50

1,535

7,899

$2,361

$2.31

5.8%

4.7%

-180

-

817

Weston/Davie

TOTAL/AVERAGE

127,708

$2,218

$2.27

5.1%

5.4%

508

3,260

13,114

• In 2022 there were 219 apartment sales totaling $3.36 billion with an average price of $312,369 per unit or $308 per square foot. • This was the second highest year ever for sales in Broward.

• Broward was a top 10 market in the U.S. for rent growth in 2022. Effective rents increased by 4.8%. • Average effective rents are at a record $2,204. • Ft. Lauderdale has the highest average rent of $2,715. Oakland Park/Lauderhill has the lowest rent of $1,731 but also the highest rent growth of 6.9%.

• After decreasing to record lows in 2021, vacancies increased from 3.4% to 5.4% in 2022. • Ft. Lauderdale has highest vacancy of 6.8% in Broward. • Pompano Beach/Deerfield Beach has the lowest vacancy of 3.3%.

• There are 48 buildings totaling 13,114 units under construction. This represents 10.3% of the current inventory in the market. • 3,268 of the under construction units are in Ft Lauderdale.

• New deliveries outpaced net absorption by 2,752 units which resulted in the higher vacancies in 2022. • After 7,095 net absorbed units in 2021, net absorption in 2022 fell below the norm at only 508 units. • New deliveries are likely to outpace net absorption which may contribute to short-term higher vacancies in specific submarkets. • Pembroke Pines/West Miramar had the highest 2022 net absorption levels.

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2022 2021

2,005,793 1,986,136

1.0% 0.9% 0.7%

2.50% 4.93% 9.62%

$67,937 $65,747 $63,622

3.3% 3.3% 4.4%

$517,487 $441,270 $365,744

17.3% 20.7%

2020 1,969,257

9.8%

*Data as of Jan-2023, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar, BLS

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