Broward apartment market hits turning point

The worst phase of the downturn in the Broward County apartment market is
effectively over after a reduction in vacancy in the first half of 2010,
according to the newest third-quarter apartment research market update
from Marcus & Millichap. While there will be periodic setbacks, the
report predicts that Broward’s apartment market will proceed gradually
on its path to a full and sustainable recovery. Vacancy will drop for
the year, falling 50 basis points to 8.1 percent, the lowest rate since
early 2009. Last year, the rate went up 170 basis points. The firm also
predicts that rents will improve slightly this year, advancing 0.4
percent to $1,058 per month, with effective rents rising 1.3 percent to
$993 per month. TRD