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Record Construction Schedule Disguises Robust
Gain in Renter Demand to Begin the Year
Early signs point to rising rental activity. The local multifamily sector has gotten off to a strong start this year with more units absorbed on net in the first quarter than were delivered, the first time this has occurred since the end of 2021. Net absorption is on track to set a multi-decade record for a non-pandemic year. New renter demand is being aided by an above-national rate of job creation, bolstered by recent business expansions and relocations from firms like Global Wealth Management and Ryan Transportation. New professional opportunities in turn support net in-migration, which is projected to surpass the 2015-2019 period over the next half-decade. This may bring more 20- to 34-year-old residents to the market, a dynamic that is not shared across all of Southeast Florida. Favorable demand drivers will still be overshadowed in the short-run, however, by the largest construction slate in more than two decades.