According to a multifamily (apartment) market report from the brokerage Lee & Associates, South Florida had a vacancy rate of 4.8% in Q1 2023, up from the 3.5% vacancy rate for Q1 2022. It’s also higher than the vacancy rate for Q2 2022 (4.1%), Q3 2022 (4.6%), and Q4 2022 (4.5%)
Dratch also said people living elsewhere in the U.S. are attracted to South Florida due to the state’s lack of income taxes. An added attraction for people who can work remotely is that the rents are still cheaper in South Florida than in other major metropolitan areas such as New York and Los Angeles.
Dan Dratch, a director at Franklin Street, said the upward trend for apartment buildings is due to an influx of people moving from the Northeast, West Coast, and other parts of the nation to South Florida. “Frankly, what we are seeing in South Florida is as strong a market as we’ve ever seen,” he said.
According to the South Florida Business Journal, the average rent prices reached an average of $2,337 a month in the second quarter of 2022.
