South Florida multifamily fundamentals remain excellent and arguably the best in the U.S. Following record rent increases in 2021, effective rents continued to increase in 2022. Vacancies marginally increased in all three counties as deliveries outpaced absorption, but the market still favors the landlord on leases. Private capital also continues to be the most active in the market. More specifically, out-of-state private capital continues to enter the South Florida region and is spurred by the positive market fundamentals, and a business-friendly environment.
Despite the economic headwinds that have impacted the nation, South Florida multifamily has remained resilient. Multifamily will continue to be a bright spot in the South Florida region and many investors and industry experts are optimistic about the market for 2023.
Below are the Five Fast Facts about South Florida’s multifamily market for 2022:
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