Fort Lauderdale Multifamily Market Report
Demand for Broward County Apartments Outpaces Rebound in Economy; Buyers Active in Lower Tiers
Apartment performance ahead of growth. Broward County, like all of South Florida, was slower to reopen relative to the rest of the state, which hamstrung many traditional measures of economic performance. Although employment growth is trending behind national gains this year, multifamily fundamentals are stronger due to demographic tailwinds. Florida, including Broward County, was a popular destination for those who wished to vacate densely populated Northeast cities during shutdowns. While it appeared that many dispersed workers would potentially be recalled to out-of-market offices in the coming months, the emergence of the delta variant will likely delay those plans. As a result, remote workers will continue to prop up apartment operations through the end of the year and possibly into 2022.