GlobeSt.com UPDATE: South Florida Apartment Demand Lowest Since 1993

MIAMI-The 473,143 apartment unit market in South Florida is hurting even though the three-county area finished 2001 with average occupancy of 95.5%, 2.2 points lower than 2000, according to a new analysis by M/PF Research Inc. of Carrollton, TX.

The 268,403-unit Miami-Dade County market was hit hardest at year end with 2,460 net moveouts. Broward had 230 vacancies out of a total 135,761 existing units and saw occupancy dip to 95.5% from 97.8% at year end 2000. Palm Beach, with 68,979 apartments, was the only area showing positive tenant growth with occupancy falling only 1.9 points to 95.4%.

“Just over 5,000 more apartments were vacated than were leased in Dade County during the past 12 months,” M/PF research director Greg Willett tells GlobeSt.com. “Despite these (occupancy) declines, average occupancy remained well above the essentially full level in all three South Florida metros.”