WeaveReport South Florida Multifamily Forecast

BROWARD MULTIFAMILY MARKET SUMMARY

$4,335,000,000

$20,450,000 2021 Average Sale Price

$263

$281,163

2021 Sales

2021 Average Sale PSF

2021 Average Sale Per Unit

$2,082

96.8%

7,118

122,811

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 2020 2019 $1,821,209,813 2018 2017 $1,607,918,581 2016 2015 2014 $726,945,679

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

$4,333,850,665 212 122,811

$2,082 $2.13 21.7% $2,073

$2.12

23.3% 3.2% 7,118 2,166

$1,465,943,863 111

120,645 $1,711 $1.74 1.8% $1,681

$1.71

1.0% 7.4% 3,045 5,371

112 115,274 $1,680 $1.71 2.4% $1,665

$1.70

3.3% 5.7% 2,500 1,809

$1,505,868,467 104 113,465 $1,640 $1.67 2.3% $1,612

$1.64

2.5% 6.4% 3,296 2,412

84 111,053 $1,603 $1.63 3.2% $1,573

$1.60

2.7% 7.3% 2,754 3,796

$2,564,202,737 107 107,257 $1,553 $1.58 1.6% $1,531

$1.56

1.2% 6.6% 1,766 3,348

$1,626,660,800 104 103,909 $1,528 $1.56 5.9% $1,513

$1.54

6.2% 5.3% 2,575 2,488

82 101,421 $1,443 $1.47 4.0% $1,425

$1.45

3.6% 5.5% 3,299 3,623

2013

$667,489,772

60 97,798 $1,387 $1.41 2.7% $1,375

$1.40

2.8% 5.4% 2,437 1,832

2012

$794,436,384

58 95,966 $1,351 $1.37 2.9% $1,338

$1.36

2.5% 6.1% 1,392 994

Broward Apartments Under Construction 42 apartment buildings totaling 9,314 units under construction in Broward BUILDING

# OF UNITS

EXPECTED COMPLETION

CITY

Manor Miramar

Miramar

393

2023

The Elevate

Dania Beach

293

2024

RD Las Olas

Fort Lauderdale

259

2023

Tamarac Village Ph2

Tamarac

180

2022

Skylofts on 3rd

Fort Lauderdale

54

2022

Broward 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)

8