WeaveReport South Florida Multifamily

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$3,985,000,000

$12,050,000 2022 Average Sale Price

$340

$350,874

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,213

95.3%

3,631

147,874

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 2019 2018 2017 $1,520,486,703 2016 $1,471,746,821 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

$3,984,529,193 330 147,874 $2,213 $2.54

6.8% $2,200

$2.52

6.6% 4.7% 3,631 6,108

$4,256,237,831 341 141,766 $2,072 $2.38

16.6% $2,064

$2.37

18.8% 3.2% 9,457 3,828

$990,181,876 108 137,938 $1,777 $2.03

0.6% $1,737

$1.98

-0.7% 7.4% 4,522 6,435

$987,230,577 166 131,503 $1,767 $2.02

1.9% $1,750

$2.00

3.0% 6.3% 3,307 4,519

$947,212,357 155 126,984 $1,734

$1.98

2.4% $1,699

$1.94

2.4% 5.5% 4,397 3,672

157 123,312 $1,694

$1.94

2.2% $1,659

$1.90

2.0% 6.3% 2,544 3,456

172 119,856 $1,658

$1.90

2.3% $1,627

$1.86

1.5% 5.7% 4,431 5,469

$830,165,975 159 114,387 $1,620

$1.85

3.2% $1,603

$1.83

3.1% 5.1% 3,641 3,541

2014

$475,750,961 176 110,846 $1,570

$1.79

2.6% $1,555

$1.78

2.4% 5.3% 1,968 2,708

2013

$429,891,181

110 108,138 $1,530

$1.75

3.2% $1,518

$1.73

3.2% 4.7% 2,409 2,177

Miami-Dade Apartments Under Construction

84 apartment buildings totaling 23,734 units under construction in Miami-Dade.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 8,278 38 2024 15,456 46

Miami-Dade 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)

8