Why South Florida

Effective Rent vs Stabilized Occupancy Rate South Florida Multifamily Market Snapshot Q1 2024 276,441 UNITS Across 1,381 Properties

Absorption vs Completions South Florida

94.7%

97.5%

25,000

3,000

STABILIZED OCCUPANCY RATE Excludes Properties Still In Their Initial Lease-Up Period

97.0%

2,500

20,000

96.5%

96.0%

2,000

15,000

95.5%

Over $26.1 Billion In Sales Over The Past 5 Years

1,500

95.0%

10,000

94.5%

1,000

94.0%

5,000

93.5%

Market Asking Rent Per Unit by Bedroom 5-Year Increase Comparison: 5-Year Increase 2019 Rent

500

93.0%

-

-

92.5

2019

2020

2021

2022

2023

YTD 2024

2019

2020

2021

2022

2023

YTD 2024

Effective Rent Per Unit

Stabilized Occupancy Rate

Construction Completions

Overall Net Absorption

Studio

$2,765

26.7% $2,183

1 Bedroom 2 Bedroom 3 Bedroom

$2,501

33.0% $1,881 33.4% $1,880 32.6% $2,002

$2,507 $2,655

Over 32,000 Units Under Construction

CoStar Data Depicted

Cushman & Wakefield | Why South Florida

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