Fort Lauderdale Multifamily Market Report

Urban appeal draws high earners. After matching Miami for the fastest annual employment growth in Florida as of August, net absorption outpaced new supply in the first half of 2024. This allowed metrowide vacancy to fall by 40 basis points to 5.5 percent during the first six months of the year — a marked shift after rising nearly 100 basis points in 2023. The urban submarkets of Hollywood and Fort Lauderdale have experienced the strongest demand, with renters drawn by high-paying jobs and convenient access to retail and commercial amenities. Fort Lauderdale’s median household income, over 4 percent above Miami’s, is also contributing to sustained leasing activity for the many newly completed high-end projects. Although ongoing completions through 2025 are likely to limit rent gains, slowing construction starts will ease future supply pressures, while softening inflation should support consumer demand.