The Real Deal Miami

Strong signals for Broward multi-family

May 13, 2010 10:30AM

Developers in Broward County will complete 350 multi-family units in
large properties in 2010, down from 862 in 2009, according to a new
report from Marcus & Millichap. This drop in construction and
supply, along with a fall in construction permits, is a positive sign
for the the county, according to the report. The 729 multi-family units
that received permits last year represented the lowest number in more
than 30 years. There were 1600 units planned in large properties in the
first quarter of 2010, down from 1,900 in the fourth quarter of 2009,
and a proposed 253-unit property has been removed from the pipeline and
presumably canceled. Marcus & Millichap predicts rents will fall
3.5 percent in 2010, compared to a 5.5 percent cut in 2009. TRD