The report says South Florida is feeling little effect from the national economic malaise. "While the economic downturn stunted employment growth in most markets, South Florida managed an increase of 2.7%," the report says.

"Employment growth will continue to strengthen during the course of the year, and strong demographics will ensure the long-term health of the local apartment market," Gene A Berman, senior vice president/regional manager of the firm's Fort Lauderale office, says in a prepared statement.

"Despite the wave of concessions that have been experienced recently, values will continue to climb as investors are willing to pay higher prices in order to capitalize on solid apartment investments in South Florida," Berman says.