WeaveReport South Florida Multifamily Forecast

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$3,990,000,000

$13,600,000 2021 Average Sale Price

$252

$278,342

2021 Sales

2021 Average Sale PSF

2021 Average Sale Per Unit

$2,006

96.7%

7,415

135,168

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 2021 $3,991,147,090 2020 $990,181,876 2019 $987,767,879 2018 $929,233,163 2017 $1,525,635,308 2016 2015 $835,040,975 2014 $477,488,461

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

294 135,168 $2,006 $2.31 17.4% $1,997

$2.29

19.7% 3.2% 7,415 2,859

108 132,309 $1,708 $1.96 0.1% $1,668

$1.91

-1.3% 6.7% 3,852 5,024

169 127,285 $1,706 $1.95 1.9% $1,690 $1.94

3.0% 6.1% 2,987 4,492

155 122,793 $1,674 $1.92 2.1% $1,640 $1.88

2.2% 5.0% 4,069 2,921

160 119,872 $1,639 $1.88 2.2% $1,605 $1.84

1.9% 6.1% 2,258 3,083

$1,466,487,600 173 116,789 $1,604 $1.84 2.5% $1,575

$1.80

1.7% 5.6% 4,264 5,457

161

111,332 $1,565 $1.79 3.2% $1,549

$1.77

3.1% 4.8% 3,506 3,485

177 107,847 $1,516 $1.74 2.6% $1,502

$1.72

2.6% 4.9% 2,135 2,602

2013

$433,839,181

112 105,245 $1,478 $1.69 3.2% $1,464 $1.68

3.0% 4.6% 2,220 2,177

2012

$429,347,926

82 103,068 $1,432 $1.64 2.9% $1,421

$1.63

2.7% 4.8% 503 805

Miami-Dade Apartments Under Construction 68 apartment buildings BUILDING Alture Westland

# OF UNITS

EXPECTED COMPLETION

CITY

totaling 18,158 units under construction in Miami-Dade.

Hialeah

251

2022

AHS at Oak Enclave

Miami Gardens

420

2022

Soleste Spring

Little Havana

250

2022

The Trail – Phase I

Miami

84

2022

Amelia Plaza

Hialeah

30

2022

Miami-Dade Deliveries Versus Absorption

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Net Absorption (Units)

Deliveries (Units)

6