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MU LT I FAM I LY I NVE S TMENT |
SOUTH F LOR I DA T E AM
9
BROWARD
MULTIFAMILY MARKET SUMMARY*
CONTINUED
SUBMARKET
UNITS
ASKING
RENT
ASKING
RENT PSF
ASKING
RENT
GROWTH
EFFECTIVE
RENT
EFFECTIVE
RENT PSF
EFFECTIVE
RENT
GROWTH
VACANCY
NET
ABSORPTION
DELIVERED
UNITS
Coral Springs
21,543 $1,451
$1.39
1.8% $1,425
$1.37
1.3% 7.1% 47
155
Fort Lauderdale
16,022 $1,612
$1.82
4.5% $1,572
$1.78
8.4% 10.9% 637
1,590
Hollywood/Dania Beach
11,560 $1,251
$1.47
5.0% $1,210
$1.43
2.5% 5.3% 69
-
Miramar/Hallandale Beach
5,216 $1,148
$1.31
2.3% $1,142
$1.30
2.5% 4.3% -29
-
Oakland Park/Lauderhill
13,374 $1,150
$1.30
3.6% $1,117
$1.27
1.7% 4.0% 147
-
Pembroke Pines/West
Miramar
9,741
$1,746
$1.59
3.8% $1,707
$1.55
2.7% 6.5% 338
-
Plantation/Sunrise
17,819 $1,469
$1.43
1.8% $1,453
$1.41
1.9% 6.7% 188
48
Pompano Beach/Deerfield
Beach
14,887 $1,217
$1.33
1.8% $1,200
$1.32
2.0% 5.5% 284
92
Weston/Davie
8,544 $1,506
$1.49
1.9% $1,483
$1.47
1.7% 7.7% 233
263
TOTAL/AVERAGE
118,706 $1,417 $1.46
3.0% $1,391 $1.43
3.1% 6.3% 1,914 2,148
• In the first nine months of 2017, there were 63 apartment sales totaling $1.410 billion with a
median price of $118,318 per unit or $150 per square foot.
• For a ninth year in a row, average asking and effective rents were at record levels. Year-to-
date, average asking rents grew by 3.0%. This is below the record 7.9% rent increase in 2015.
• Vacancies increased in 2017 to 6.3%, the 2nd highest over the past 6 years. This was due to
new supply continuing to out-pace net absorption.
• There are 5,499 units forecasted for delivery to market. This represents only 4.6% of the
current inventory in the market.
• Year-to-date there were 234 more units delivered than absorbed in Broward. This is another
indication of supply outpacing demand which in turn results to higher vacancy rates.
• By year-end 2017 median salary income in Broward is expected to increase by +/- 3.7%, one
of the biggest increases since 2006.
• Population has grown by 99,280 in the past five years.
*Data as of October-2017, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales