Fort Lauderdale Rents Rise & Vacancy Falls as Shortage in Rental Apartment Units Hits

Fort Lauderdale has a growing demand for rental apartments and a limited supply with only a handful of new projects about to be delivered. For Lauderdale's vacancy rate fell to 3.2% in Q3 of 2016 while rents rose 8% year over year to an average price of $1,614 per month. Some of this is driven by potential buyers being deterred from buying a house due to an expensive housing market. Brossard has a $293,200 median price for a single family home. There are currently 7,300 residential apartment units under construction in Broward expected to be delivered before 2018. 1,800 of those are are in Fort Lauderdale. Without a surplus of new units coming to the market as in Miami, rents should continue to rise and vacancy should continue to fall.