WeaveReport South Florida Multifamily

PALM BEACH MULTIFAMILY MARKET SUMMARY

$1,655,000,000

$20,150,000 2022 Average Sale Price

$339

$385,215

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,403

93.6%

603

67,395

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 $1,653,728,608 2021 2020 $672,119,734 2019 $847,178,601 2018 $1,459,542,772 2017 $1,207,092,302 2016 $1,429,524,939 2015 $774,150,512

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

82 67,395 $2,403 $2.32

1.7% $2,388

$2.31

1.4% 6.4% 603 1,926

$3,348,353,387 107 65,469 $2,362 $2.28

29.5% $2,355

$2.28

30.9% 4.6% 4,056 2,133

42 63,336 $1,824

$1.76

2.4% $1,799

$1.73

1.5% 7.8% 1,322 2,103

57 61,233 $1,781

$1.72

4.0% $1,773

$1.71

5.4% 6.8% 799 1,134

67 60,099 $1,713

$1.65

2.8% $1,682

$1.62

3.5% 6.4% 2,944 2,047

50 58,052 $1,666 $1.60

2.5% $1,625

$1.56

1.4% 8.1% 1,722 2,565

51 55,487 $1,625

$1.56

2.5% $1,603

$1.54

2.3% 7.0% 1,093 965

44 54,522 $1,586

$1.53

5.5% $1,567

$1.51

5.3% 7.3% 917 1,643

$578,421,800

40 52,879 $1,503

$1.45

4.2% $1,488

$1.43

4.2% 6.2% 1,491 1,534

2014

2013

$401,485,298

24 51,345 $1,443

$1.39

2.8% $1,428

$1.37

2.8% 6.3% 2,261 1,887

Palm Beach Apartments Under Construction 32 apartment buildings totaling 7,932 units under construction in Palm Beach.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 3,280 15 2024 4,652 17

Palm Beach 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)

12