According to a new report from Marcus & Millichap, apartment construction in Broward County is outstripping demand and making a rise in vacancy rates this year likely. With 3,500 new units due to come on-line, the report predicts 2,800 will be leased, but that the county’s vacancy rate will rise to 5 percent up 30 basis points. While a significant portion of the new units are expected to remain vacant, occupancy rates are improving at older complexes built in the 1980’s and 1990’s. With the increase in high-end apartments being built the average rent in the county is predicted to hit $1,384. The report also states that 4,800 people moved to the county last year, an increase from the 3,700 that moved in during 2013.
