Fort Lauderdale Multifamily Market Report
2024 Investment Forecast
Favorable Job Growth Dynamics Temper
Impact on Apartments from Other Challenges
Employment momentum bolsters multifamily demand. Amid a temperate climate, business-friendly tax environment and lower average asking office rent than adjacent Southeast Florida metros, local hiring is set to accelerate in 2024. This will stand in contrast to all other major Florida markets, and follows the metro’s near record-high addition of traditionally office-using jobs recorded last year. As such, the metro will boast the second-fastest rate of job growth in the state, a boon for apartment demand, which allows Fort Lauderdale to hold the second-lowest multifamily vacancy rate among the same sample size by year-end. The metro, however, faces some long-term headwinds as elevated local living costs adjust renter preferences and migration trends. Fort Lauderdale’s mean marketed rent has jumped nearly 50 percent since 2019, directing more residents to lower-cost units as Class C vacancy held below its historical average. Growth within the 20- to 34-year-old cohort is also decelerating, partially associated with higher living costs. This dynamic goes up against the metro’s largest delivery slate on record in 2024.