Broward multi-family market gains steam

The multi-family sector in Broward County has seen steady declines in vacancy over the past two years, but the market still has room to grow, according to a report from Marcus & Millichap. While the area’s vacancy rate fell by 130 basis points last year, the firm projects vacancy to fall to 4.3 percent in 2012, a drop of 100 basis points. Rents are also expected to increase, with a 2.8 percent projected rise in asking rents to $1,111 per month, accelerating from a 1.2 percent growth rate in 2011. Coinciding with the strong rental demand and growth is renewed “vigor” in the investment market, according to the report. — Alexander Britell