Fort Lauderdale Multifamily
Historically Low Unemployment Helps Sustain
Renter Demand in Broward County
Net absorption returns to positive territory. Boasting an unemployment rate of 2.5 percent in July, which was within 20 basis points of the metro’s all-time low, Broward County’s tight labor market has helped stimulate a rebound in renter demand. Net absorption eclipsed 2,000 units during the first half, an encouraging sign as this figure fell into the red last year for the first time since 2011. Proximity to beach front access, as well as premier dining and retail establishments, are spurring leasing activity in submarkets like Central Fort Lauderdale and Hollywood. Meanwhile, areas including Pompano Beach-Deerfield Beach are coveted by residents due to relatively lower rental costs. Despite this recent momentum, vacancy has increased amid robust construction activity, reaching 5.1 percent in June. The rate is expected to remain elevated in the near-term, as the metro continues to undergo a historic supply wave.