SOUTH FLORIDA MULTIFAMILY EXPECTED TO SEE CONTINUED INCREASE IN DEMAND AND RESULTING MARKET GROWTH
Franklin Street’s Q3-21 report on the South Florida Multifamily Market explores key indicators of the market’s health, from demographic trends to rent growth to investment sales activity. The report also offers exclusive insight and predictions from Franklin Street’s local experts on what can be expected from the market going forward.
- Vacancy rates in South Florida have declined substantially as economic stress from the pandemic has slowed. Vacancy rates across Palm Beach, Miami and Fort Lauderdale were 4.05%, 3.28% and 3.31%, respectively, marking the lowest vacancies in years.
- Sales volume in all three markets was the highest amongst Class A buildings. Specifically, Class A properties in Palm Beach County, which produced a total of $675,175,000. Class C properties produced the second highest total sales volume for the quarter amassing $586,546,682 across all three markets, with a majority of that total coming out of Miami. Lastly, Class B multifamily properties produced $508,758,089 in total sales volume for South Florida.
- Year over year, multifamily rents have grown substantially in South Florida. Palm Beach rental rates have increased 22.975%, while rents in Broward County increased 16.654% and rents in Miami-Dade County increased 11.602%. Looking forward, Franklin Street predicts that South Florida will continue to experience increasing market rents.