WeaveReport South Florida Multifamily Forecast

MARKET FUNDAMENTALS SNAPSHOT

Miami-Dade

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2021

2,747,087

0.5% 0.5% 0.2% 0.0% 2.0%

3.7%

$56,894 $55,040

3.4%

$471,778

11.0% 9.7% 4.1% 7.0% 16.8%

2020 2,732,769

8.15%

-0.2% 3.0% 7.8% 13.7%

$424,909 $387,362 $372,264 $348,037

2019 2018

2,719,635 2,714,692

2.58% 3.60% 4.58%

$55,171

$53,539 $49,669

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM 2017 2,713,507 Broward YEAR POPULATION 2021 1,980,339 2020 1,967,239 2019 1,955,296 2018 1,946,900 2017 1,936,050

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

0.7%

3.8%

$63,146

1.6%

$405,037

11.5%

0.6%

8.89%

$62,132

1.0%

$363,151

9.1%

0.4% 0.6%

3.18%

$61,502

2.5% 6.9% 5.2%

$332,735 $323,890

2.7%

3.44% 4.00%

$60,030

4.1%

2.7%

$56,158

$311,112

19.4%

Palm Beach

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2021

1,529,156

1.0% 1.0% 1.0% 0.9% 3.3%

3.5%

$71,324 $68,768 $66,623 $64,602 $60,074

3.7% 3.2% 3.1% 7.5% 6.6%

$432,466 $384,982 $352,885 $343,009 $328,843

12.3%

2020 1,513,732

7.67% 3.43% 3.65% 4.23%

9.1%

2019 2018 2017

1,499,161

2.9% 4.3% 17.3%

1,484,439 1,471,895

*Data reported by BLS, Moodys and Alteryx Demographics

SOUTH FLORIDA: POPULATION | HOUSEHOLDS

SOUTH FLORIDA CONSTRUCTION

Growth in past 10 years. 9.3% Growth in past 10 years. 573,698 Growth in next 10 years. 8.0% Growth in next 10 years. 496,221 SOUTH FLORIDA EMPLOYMENT 3.7% Miami-Dade unemployment. 3.8% Broward unemployment. 3.5% Palm Beach unemployment.

22,555 apartment units are currently under construction in SoFla. This is 7.0% of the current apartment inventory.

SOUTH FLORIDA HOUSING 69.2% | 60.6% home ownership rate in 2005 and 2020 respectively.

35.6% | 30.2% | 31.5% median single-family home price increase in Miami-Dade, Broward, and Palm Beach Counties respectively since 2017. $440,963 median home value in So Fla. +/-$510 difference in average monthly rent and a mortgage on the median home value in South Florida.

SOUTH FLORIDA INCOMES 2.9% Median salary income increase in 2021. 23.6% Rent growth in 2021.

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