DALLAS, TX--(Marketwired - January 23, 2015) - South Florida apartment markets ended 2014 on a strong note, according to December data from Axiometrics, the leader in apartment market research and analysis.
The Miami-Miami Beach-Kendall and Fort Lauderdale-Pompano Beach-Deerfield Beach Metropolitan Divisions had the usual wintertime increase in effective rent growth in December, when the snowbirds flock in from the Northeast, while the West Palm Beach-Boca Raton-Boynton Beach division continued to lead the combined metro. West Palm Beach and Fort Lauderdale each saw annual effective rent growth increase by about 400 basis points (bps) during 2014.
Fort Lauderdale's 6.9% annual effective rent growth in December 2014 was a 31-bps increase from November's 6.6% and a 400-bps rise from the 2.9% of December 2013. The average Fort Lauderdale rent was $1,402 last month, $93 higher than the $1,309 of December 23. Occupancy was 95.1% in December 2014, a 39-bps increase from the 94.7% of December 2013.
Miami experienced 6.6% rent growth in December 2014, a 35-bps increase from November's 6.3% and 55 bps higher than the 6.1% of December 2013. The average Miami rent surpassed $1,500 for the first time, climbing to $1,520, also $93 more than the December 2013 average of $1,427. Occupancy in Miami did decrease slightly in 2014, declining 15 basis points from 95.9% in December 2013 to 95.7% last month.
West Palm Beach's 8.7% annual effective rent growth in December 2014 showed a seasonal dip of 41 bps from November's 9.1%. But 2014 was a success in this area, as December's figure was 374 bps higher than the December 2013 rate of 4.9%. Average rent rose $128 in the past year from $1,274 one year ago to $1,402 in December.
"South Florida apartment markets thrived in 2014 because of strong job growth and strong absorption of new supply," said Stephanie McCleskey, Axiometrics Vice President of Research. "We forecast continued strength in 2015, though rent-growth levels should moderate."
About Axiometrics
Axiometrics improves property and portfolio performance for apartment investments. Confident investment decisions begin with reliable, timely information. No one has more accurate, detailed, and up-to-date research on the apartment and student housing markets. To learn more visit www.axiometrics.com, follow @Axiometrics or on LinkedIn, or call 214-953-2242.
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Contact:
Ross Coulter
214-394-5538
ross@mpdventures.com
