The majority of those new jobs are being created in South Florida and the Space Coast. Deliveries outpaced leasing activity this quarter, so that pushed occupancy down slightly, but because of the elevated demand operators were able to push rents up 2.1% year over year—that's still very strong

GlobeSt.com: Where is apartment demand strongest?

Foschini: Demand is definitely visible throughout the region, but the Miami submarket, particularly Downtown Miami, outperformed the other submarkets—that market saw more than 1,300 rental units absorbed in the first quarter, which is more than twice as many as the second-strongest market, which was North Dade. That's consistent with a trend we've been noticing generally, which is that renters are gravitating towards more urban living—places where you don't need a car and there are plenty of entertainment/dining options around.

GlobeSt.com: How is the current political and financial environment influencing investor appetite for South Florida multifamily product?

Foschini: The mood is generally positive, and many of our multifamily and commercial property clients are taking advantage of lower interest rates to acquire or refinance. Plenty of investors who were on the sidelines are now jumping in.

MIAMI—Berkadia's first quarter of 2017 South Florida Multifamily Report paints a rosy picture of the region's apartment market, with leasing activity this year outpacing leasing activity during the same period last year and pushing rents upwards.

GlobeSt.com caught up with Charles Foschini, senior managing director of Berkadia's South Florida office, to discuss the implications. (Read more insight from Foschini in the lending market here.)

GlobeSt.com: South Florida residents newly occupied 2,529 units in the first quarter 2017 and occupancy stands at close to 95%. What's driving demand right now?

Foschini: South Florida's economy and apartment market continues to benefit from above-average population growth and job growth, as well as a cultural shift towards renting over homeownership. Florida is the third-largest job creator in the nation, with nearly every employment sector posting job gains over the past year.

The majority of those new jobs are being created in South Florida and the Space Coast. Deliveries outpaced leasing activity this quarter, so that pushed occupancy down slightly, but because of the elevated demand operators were able to push rents up 2.1% year over year—that's still very strong

GlobeSt.com: Where is apartment demand strongest?

Foschini: Demand is definitely visible throughout the region, but the Miami submarket, particularly Downtown Miami, outperformed the other submarkets—that market saw more than 1,300 rental units absorbed in the first quarter, which is more than twice as many as the second-strongest market, which was North Dade. That's consistent with a trend we've been noticing generally, which is that renters are gravitating towards more urban living—places where you don't need a car and there are plenty of entertainment/dining options around.

GlobeSt.com: How is the current political and financial environment influencing investor appetite for South Florida multifamily product?

Foschini: The mood is generally positive, and many of our multifamily and commercial property clients are taking advantage of lower interest rates to acquire or refinance. Plenty of investors who were on the sidelines are now jumping in.