H1 2025 Broward County Multifamily Market Report

Key Highlights

Broward County recorded the fourth-lowest vacancy rate across the state at 6.9%.
The Arcadian is the largest property scheduled for delivery this year, adding 502 units to the Progresso Village submarket upon delivery in November.
Income growth across the metro has grown by more than 25% since 2020, outpacing the 21% national rate.

By the Numbers

Units Under Construction: 8,831
Units Delivered: 733
Vacancy Rate: 6.9%
Rent Growth: 0.4%
Average Price per Unit: $282K
Asking Rent per Unit: $2,344 | Q2 2025 | Source: CoStar Group, Inc.

Market Overview

Multifamily performance across Broward County has been positive since 2022. This can be attributed to increased demand from new residents, with the metro adding more than 7,000 people since 2019. Absorption levels have grown by about 5,400 units year-over-year, above the ﬁve-year annual average of 3,900 units. Demand is highest for upper-tier units, with demand for Class A units growing by more than 8% annually so far this year. Renters have also been drawn to this sector as Class A properties have begun to oﬀer concessions to compete with newly-added buildings. Looking ahead, demand may begin to slow down as new supply continues to be added across the metro.

Rents | Vacancy | Construction

Rent growth across the metro has decreased since the second half of 2023, reaching 0.4% in Q2 2025—lower than the U.S. rent gain of 0.9%. Despite the drop in rent growth, absorption remains high across the metro, leading to a vacancy rate of 6.9%. This metric is also lower than the national level. Despite strong absorption, vacancy rates are high among most submarkets. The Coral Springs, Plantation/Sunrise, and Hollywood/Dania Beach submarkets saw some of the greatest vacancy increases as over 2,100 combined units have been delivered here since 2023.

Since the start of 2025, construction levels have been on the rise. At the end of the second quarter, there were 8,831 units on the way. This is one of the highest construction levels across Florida, and it represents 6.1% of existing inventory. New developments are growing the most in areas with neighborhood amenities, with the majority of construction underway in the Central Fort Lauderdale, Hollywood/Dania Beach, and Pompano Beach/Deerﬁeld Beach submarkets.

Vacancy Rate

Source: CoStar Group, Inc.

Market Asking Rent per Unit & Rent Growth

Source: CoStar Group, Inc.

Broward County Sales

Annual transaction volume totaled $1.5 million over the past 12 months, which is in line with pre-pandemic levels. Throughout the second quarter, the metro recorded a total $284 million in sales. The largest deal this quarter was for Veneto Las Olas, located in the Downtown Fort Lauderdale submarket. The 259-unit property sold for $165 million, or $637,066 per unit. While sales remain stable, higher interest rates have impacted pricing this year. Cap rates recorded a three-year low of 5.3%, but rose to 5.5% at the end of the second quarter. The rise in cap rates, together with lower fundamentals, will most likely continue to drop pricing gains.