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South Florida

Rental construction surges in Broward County

Broward County is experiencing a surge in rental apartment construction.

More than 15,000 apartments are under construction or in planning and permitting phases in Broward, Daily Business Review reported. About 4,000 units should be completed this year. Monthly rental rates in Broward are projected to rise by three percent to an average of $1,277 in 2014.

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Sparked by hiring increases in the healthcare, retail and hospitality sectors, Broward is expected to create 23,500 new jobs this year, up from 21,000 in 2013.

Apartment developers can still obtain 10-year loans at five percent interest rates. [Daily Business Review] — Eric Kalis

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Multifamily Market