The Real Deal Miami

Broward apartment woes continue

May 22, 2009 11:12AM

Apartment vacancy rates in Broward County will rise above 8 percent, according to brokerage Marcus & Millichap. High statewide unemployment — 8.5 percent by the end of March — could rise to 10 percent by the end of the year. Average rental rates in Broward County apartments will likely drop 3.6 percent this year to $1,075 per month, with effective rents retreating nearly 4 percent to $1,009 per month. On the investment side, deals in the county declined 7 percent over the past year and 64 percent from their peak about three years ago, Marcus & Millichap said. The median price per unit was $84,200, down 5 percent from the previous year and at least 20 percent from four years ago.