Report: Broward apartment market to stabilize

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Broward County’s apartment market has surely taken a hit during the recession, but a stabilizing economy will soon allow property owners to relax, according to a fourth-quarter Apartment Research Report by real estate investment services firm Marcus & Millichap. So far in 2009, the vacancy rate has climbed to the low-8 percent range, compared with 5.5 percent when the recession began, and concessions have risen. Investment sales activity has picked up and investors are getting keen to do deals, said Gregory Matus, regional manager of the Fort Lauderdale office of Marcus & Millichap. TRD

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