The Real Deal Miami

Broward County will see increased unemployment, slow housing market

May 08, 2009 03:59PM

As employment declines in Broward COunty this year, demand and asking prices for rental homes will decline, and the countywide vacancy rate will increase, according to Marcus & Millichap’s annual apartment forecast for 2009. Due to cuts being made by large employers like Home Depot, total employment in Broward County will drop by 4.2 percent in 2009. Within the city of Fort Lauderdale, developers are expected to deliver 500 units for the year as countrywide permitting and multi-family construction slow. The decreased demand for rental housing, combined with ongoing housing construction, will push the vacancy rate up 8.3 percent. The asking rents and effective rents, which have been decreasing since 2006, are expected to decline to 3.6 percent and 3.9 percent, respectively. TRD