Fort Lauderdale Multifamily Market Report
Broward County Leads the Nation in Rent Growth;
Apartment Demand Bolstered by Migration Trends
Availability ticks up from 16-year low. More than 24,000 new households have been formed in Fort Lauderdale since the onset of the health crisis. These strong demographic tailwinds helped lift net absorption in the rental sector to unprecedented levels in 2020 and 2021, resulting in vacancy falling under 2 percent at the start of this year. Extremely tight conditions prompted the fastest pace of rent growth nationwide, with the average effective rate rising nearly 30 percent in the trailing 12-month period ending in June. However, this gain and a period of widespread inflation has slowed renter demand in recent months, resulting in a 120-basis-point increase in unit availability during the second quarter. Despite the recent uptick, vacancy in Broward County still remains 140 basis points below the pre-pandemic level. Additionally, slowing supply additions over the second half will help limit additional upward movement for the remainder of the year.