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Development Soars to a Record High in
Anticipation of Future Population Growth
Renter demand re-establishes momentum. Following the near-record low sub-2 percent vacancy rate that was achieved in early 2022, market conditions softened considerably in Fort Lauderdale as headwinds, such as widespread inflation and economic uncertainty, moderated household formation. Vacancy rose by 300 basis points through the end of last year. However, the rate remained relatively steady during the opening quarter of 2023, suggesting apartment demand may be improving in Broward County. Net absorption returned to positive territory during that three-month span, and the annual total for 2023 is expected to reach the second-highest level on record. Still, availability will continue to inch up in the near-term as supply additions during 2023 are projected to outpace the previous all-time annual record by nearly 3,000 units.