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Market Report

South Florida Multifamily

Fourth Quarter 2019

South Florida Apartment Market on Solid Footing, Encouraging Investors to Increase Exposure

Challenges to homeownership support rental demand. Strong migration trends to the business-friendly and low-tax state of Florida are bolstering apartment demand in the three-county area, placing the sector on a solid foundation as it enters the next year. Homeownership in South Florida remains elusive to a wide swath of the population, resulting in a homeownership rate in the region of 56.2 percent at midyear, well below the national rate of 64.1 percent. A shortage of developable land and high home values are keeping the renter pool full and property metrics at healthy levels, leading to rent growth near or above 5 percent in each county in the third quarter.

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