Asking #rents are rising again in Southeast Florida after last year's downturn. The median #multifamily asking rents rose from the prior month in March 2024 in the counties of #MiamiDade (1.8%), #Broward (1.9%), #PalmBeach (4.3%), and #Martin (4.8%), although the asking rent fell in St. Lucie (-2.5%). The #MiamiDade market area is undergoing intense #construction activity, with 24,000 units under construction, or 19% of inventory. Another 18,000 units are under construction in #FortLauderdale and #PalmBeach, adding 10% to inventory. #Affordability conditions, #job growth, #migration are driving SE Florida's multifamily and single-family rental market. Check out the March 2024 report at https://lnkd.in/eTjzaK9M Miami Association of Realtors MIAMI Commercial BROWARD-MIAMI, a Division of MIAMI REALTORS® JTHS-MIAMI, a Division of MIAMI REALTORS® Young Professionals Network (YPN) Miami Rental Beast
Thanks William Lyons PA GRI !
Thank you for sharing. In the last few weeks I’ve heard of crazy renewal rent increases from more than one local resident living in #multifamily in #Broward county. #Affordability is becoming increasingly difficult in our region; although we have new deliveries forthcoming. Obviously the issue is multi factorial and includes supply and demand, but out of curiosity how much do you think our current #insurance crisis in #FL is contributing to these increases?
The fading American dream, sadly
Chief Economist, MIAMI REALTORS
8moThanks Franklyn J. Palau, Invt. Sales Adviser !