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South Florida Apartment Vacancy on the Rise

MIAMI-The vacancy rate rose in the last 12 months and is expected to increase by the middle of next year as well. Meanwhile, 15,000 new units are expected to come online in 2003 and 2004. However, the rise in vacancy is not expected to last long, as employment grows stronger.

By Melissa Bogdany | Updated on August 05, 2003

MIAMI-With the vacancy rate in the South Florida apartment market on the rise, nearly 15,000 new units will be added this year and next, according to Marcus & Millichap’s July 2003 Apartment Research Report just released.

The report covers the Miami-Dade, Fort Lauderdale and West Palm Beach metropolitan service areas.

The vacancy rate increased from 4.7% mid-year 2002 to 6.9% after the second quarter of this year, according to the report. And the vacancy rate is expected to continue climbing at least another year, to 7.7% in the middle of 2004. In the last 12 months, demand decreased because attractive mortgage rates encouraged home ownership and because of economic uncertainty. However, the rise in vacancy rates isn’t expected to last, due to increased employment.

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