WeaveReport South Florida Multifamily Forecast

BROWARD MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY NET ABSORPTION

SUBMARKET

UNITS

ASKING RENT

19,111

$2,110

$1.99

28.5%

2.6% 499

-

351

Coral Springs

21,419 $2,639

$2.91

18.8%

5.4% 2,468

580

2,338

Fort Lauderdale

Hollywood/ Dania Beach

13,207 $1,698

$1.99

13.9%

2.7% 455

-

2,021

Miramar/ Hallandale Beach Oakland Park/ Lauderhill Pembroke Pines/ West Miramar

4,490 $1,647

$1.86

13.0%

2.6% 83

45

350

14,514 $1,551

$1.75

14.5%

3.3% 651

276

860

11,028 $2,419

$2.23

26.3%

3.1% 479

-

393

17,806 $2,049

$1.99

23.4%

2.9% 1,387

938

2,130

Plantation/Sunrise

Pompano Beach/ Deerfield Beach

13,484 $1,772

$1.91

18.0%

2.0% 709

327

701

7,752 $2,223

$2.17

24.0%

2.4% 387

-

170

Weston/Davie

TOTAL/AVERAGE 122,811

$2,082

$2.13

21.7%

3.2% 7,118

2,166

9,314

• For 2021, there were 212 apartment sales totaling $4.33 billion with an average price of $281,163 per unit or $263 per square foot. This is the highest sale activity ever recorded in Broward.

• Average rents increased by 23.3% in 2021. • Average effective rents are at a record $2,073. • Ft. Lauderdale has the highest average rent of $2,639.

• In 2021, Vacancies decreased from 7.4% to 3.2%. The lowest vacancy levels in over ten years. • Highest vacancy rate is in Ft Lauderdale - 5.4%. This will be short lived as new supply get absorbed. • Lowest vacancy rate is in Pompano Beach/Deerfield Beach - 2.0%.

• There are 42 buildings totaling 9,314 units under construction. This represents 7.6% of the current inventory in the market. • 25% of the under construction units are in Fort Lauderdale submarket.

• For 2021 net absorption was 7,118 units. Newly completed units totaled 2,166 units resulting in the vacancy decrease. • Ft. Lauderdale had the highest net absorption.

• 3.8% unemployment rate. • In 2021 median salary income increased by 1.6%. • $405,037 median house price.

• In the past 10 years population in Broward increased by 196,309 or 11.2% • In the next 10 years, population is projected to increase by 157,941 in Broward.

*Data as of Jan-2022, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar

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