The Real Deal Miami

Fort Lauderdale apartment market improves

August 11, 2011 02:50AM

Operating conditions in Broward County continue to improve as the local
economy strengthens, as vacancy fell slightly in the second quarter.
According to a new report from Marcus & Millichap, large property
vacancy in Broward decreased 50 percent in the spring period to 5.8
percent, the lowest level in three years, with an additional 360 rentals
occupied from April to June. Vacancy in Class A apartment complexes
fell 40 basis points in the second quarter to 5.1 percent, with a net
absorption of 100 points. In the second quarter, asking rents rose 0.2
percent to $1,075 per month, the third consecutive quarterly increase.
Average asking rents in the county have risen 0.7 percent in 2011.
Alexander Britell