Fort Lauderdale Multifamily Market Report
Robust Demand to be Tested by New Rentals As Homeownership Trends Counteract Momentum
Pandemic impact to jobs dragging on. The number of employed personnel in Fort Lauderdale shrank by 8.9 percent over the first half of 2020, slightly better than the 9.3 percent national decrease. However, the recovery has been comparatively sluggish in the metro. During the second half of 2020, the U.S. worker headcount expanded by 3.4 percent, yet the market advanced at roughly half that pace. The professional and business services sector was particularly slow to add jobs back. Florida’s reopening alongside the vaccine rollout should help bolster momentum as shops replenish staff once more tourists and local consumers are out of their homes and spending. Nevertheless, a recalibrating economy presents challenges in 2021 with a historically large pipeline set to deliver.