#OGGoodClient Berkadia, a leader in the commercial real estate industry, recently released its Q3 Multifamily Reports for four metros across Florida: South Florida, Tampa, Orlando and Jacksonville.
Berkadia’s data shows that while South Florida’s rents aren’t climbing as high as previously recorded, they’re still going up. In South Florida, the effective rent (average rent paid per month after rent free discounts) was up 0.3% year over year across Broward, Miami-Dade and Palm Beach County for an average of $2,520 per month.
Berkadia’s data found that while all four metros have seen a wave of new supply come online in the past year, South Florida’s new supply (18,285 units over the past four quarters) and absorption (17,096 units the past four quarters) are well aligned. South Florida also posted the highest occupancy of Florida metros at 94.7%.
While some industry experts were concerned about oversupply, the robust absorption underscores the incredible demand for apartments in South Florida.
According to Roberto Pesant, senior managing director of investment sales for Berkadia, “We still have the population growth. We still have the job growth. And we are also having this sort of locked out phenomenon where the cost of buying a single-family home and the carrying costs are so great that would-be first time homebuyers are choosing to rent, whether that means renting a new unit or staying in an existing unit,” Pesant said, later adding: “Over the next 12 months we will continue to absorb the new supply and I think, in 2026, we will see higher rent growth.”
Read more in the South Florida Business Journal
