{"id":9330,"date":"2023-11-05T18:32:52","date_gmt":"2023-11-05T23:32:52","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9330"},"modified":"2023-11-15T18:53:42","modified_gmt":"2023-11-15T23:53:42","slug":"signs-of-slowing-south-florida-apartment-rent-growth-cools-in-q3-amid-construction-boom","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2023\/11\/05\/signs-of-slowing-south-florida-apartment-rent-growth-cools-in-q3-amid-construction-boom\/","title":{"rendered":"Signs of Slowing: South Florida Apartment Rent Growth Cools in Q3 Amid Construction Boom"},"content":{"rendered":"<div id=\"pl-9330\"  class=\"panel-layout\" ><div id=\"pg-9330-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9330-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9330-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743-9330\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/therealdeal.com\/miami\/2023\/11\/02\/south-floridas-multifamily-market-cools-down-in-q3\/\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/11\/PR-Banner-The-Real-Deal-TRD-Todd-Cohen.png\" width=\"1250\" height=\"521\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/11\/PR-Banner-The-Real-Deal-TRD-Todd-Cohen.png 1250w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/11\/PR-Banner-The-Real-Deal-TRD-Todd-Cohen-512x213.png 512w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2023\/11\/PR-Banner-The-Real-Deal-TRD-Todd-Cohen-768x320.png 768w\" sizes=\"(max-width: 1250px) 100vw, 1250px\" title=\"The Real Deal Discusses Apartment Rent Growth with Lee &amp; Associates South Florida Principal, Todd Cohen\" alt=\"The Real Deal Discusses Apartment Rent Growth with Lee &amp; Associates South Florida Principal, Todd Cohen\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-9330-0-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h1 class=\"Heading_root__1088z\">\u201cSigns of slowing\u201d: South Florida apartment rent growth cools in third quarter amid construction boomInvestment sales so far this year hit a low last seen in 2014, a report shows<\/h1>\n<h3>Investment sales so far this year hit a low last seen in 2014, a report shows<\/h3>\n<div class=\"item__title item__title--smaller\"><\/div>\n<p><\/p>\n<div class=\"item__title item__title--smaller\">By <a href=\"https:\/\/therealdeal.com\/author\/lidia-dinkova\/\" rel=\"noopener\">Lidia Dinkova<\/a>\u00a0<span class=\"hidden--xs hidden--sm\">\u00a0\u2013\u00a0<\/span> The Real Deal<\/div>\n<div class=\"item__title item__title--smaller\">November 2, 2023<\/div>\n<div><\/div>\n<p><\/p>\n<p>South Florida\u2019s apartment rent growth slowed in the third quarter, amid a construction boom that led to higher vacancies, a recently released report shows.<\/p>\n<p>Developers completed 13,388 apartments in South Florida in the first three quarters of the year, more than the 13,210 units finished in all of last year, <a href=\"https:\/\/www.lee-associates.com\/southflorida\/2023\/10\/27\/lee-associates-south-florida-q3-report-industrial-rents-keep-rising-despite-vacancy-uptick\/\">according to data from brokerage Lee &amp; Associates<\/a>. The new supply\u00a0<a href=\"https:\/\/therealdeal.com\/miami\/2023\/08\/07\/partys-over-south-florida-apartment-occupancy-drops-concessions-rise\/\" rel=\"noopener\">tempered<\/a>\u00a0the market, slowing rent growth, while high borrowing costs thwarted the investment sales frenzy of 2021 and early last year.<\/p>\n<p>\u201cThere are signs of slowing across a lot of the major metrics,\u201d said <a href=\"https:\/\/www.lee-associates.com\/southflorida\/our-team\/todd-cohen\/\">Todd Cohen<\/a>, principal of Lee &amp; Associates South Florida. \u201cBut slowing from what? This market was beyond on fire. A cool off is necessary for the health of our market in general.\u201d<\/p>\n<p>Net absorption of 7,780 apartments through the third quarter lagged behind net deliveries of 13,388 units, according to Lee\u2019s data. As a result, occupancy declined. The vacancy rate in the third quarter rose to 5.4 percent from 4.6 percent in the third quarter of last year.<\/p>\n<p>While the Federal Reserve\u2019s interest rate hikes since last year have thwarted some planned multifamily projects, developers with financing in hand are continuing to build. In Miami-Dade County, 16,260 units are expected to be completed by the end of 2024, with 4,364 of those finished this year, according to a Colliers data issued early last month.<\/p>\n<p>Generally, a building boom coupled with a lagging absorption could spell vacancies and reduced rents. But faced with high mortgage rates and a lack of housing inventory, would-be homebuyers are expected to drive rental demand, Cohen said. Florida\u2019s business-friendly climate and lack of a state income tax will maintain the tri-county region\u2019s reputation as a magnet for new residents, he said.<\/p>\n<p>\u201cWhile I don\u2019t think anything can match what was happening from 2021 to early 2022 in terms of torrid pace\u201d of the market,\u201d he said, \u201cit still would be strong, and I think it still will be.\u201d<\/p>\n<p><strong>Digging in on Rents<\/strong><\/p>\n<p>South Florida\u2019s average monthly asking rent was $2,121 in the third quarter, Lee\u2019s report shows. That\u2019s a hair over the $2,126 rent in the previous quarter and a 1 percent increase from the $2,099 rent in the third quarter of last year.<\/p>\n<p>...<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/are-suburban-office-to-industrial-conversions-feasible\/\">Read the Rest of th Article Here<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9330-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9330-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9330-1-0-0\" class=\"so-panel widget widget_siteorigin-panels-builder panel-first-child\" data-index=\"2\" ><div id=\"pl-w65555a0699803\"  class=\"panel-layout\" ><div id=\"pg-w65555a0699803-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-w65555a0699803-0\" ><div id=\"pgc-w65555a0699803-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-w65555a0699803-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/therealdeal.com\/miami\/2023\/11\/02\/south-floridas-multifamily-market-cools-down-in-q3\/\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2021\/12\/The-Real-Deal-SFL.png\" width=\"466\" height=\"108\" sizes=\"(max-width: 466px) 100vw, 466px\" title=\"The Real Deal SFL\" alt=\"The Real Deal Discusses Apartment Rent Growth with Lee &amp; Associates South Florida Principal, Todd Cohen\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-w65555a0699803-0-0-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-f54c0409268f\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/therealdeal.com\/miami\/2023\/11\/02\/south-floridas-multifamily-market-cools-down-in-q3\/\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tREAD THE FULL ARTICLE\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"panel-9330-1-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong>About Lee &amp; Associates South Florida<\/strong><\/h3>\n<p>Lee &amp; Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee &amp; Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee &amp; Associates\u2019 robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee &amp; Associates South Florida, visit <a href=\"http:\/\/www.lee-associates.com\/\">leesouthflorida.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/leesouthflorida\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/leesouthflorida\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/leesouthflorida\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.instagram.com\/leesouthflorida\">Instagram<\/a>, our company <a href=\"https:\/\/www.lee-associates.com\/southflorida\/news\/\">local news<\/a>.<\/p>\n<h3><strong>About Lee &amp; Associates<\/strong><\/h3>\n<p>Lee &amp; Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee &amp; Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee &amp; Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee &amp; Associates, visit\u00a0<a href=\"http:\/\/www.lee-associates.com\/\">lee-associates.com<\/a>\u00a0or follow us on\u00a0<a href=\"https:\/\/www.facebook.com\/LeeAssociatesCRE\">Facebook<\/a>,\u00a0<a href=\"https:\/\/www.linkedin.com\/company\/lee-and-associates\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/LeeAssociatesRE\">Twitter<\/a>\u00a0and\u00a0<a href=\"http:\/\/www.linkbylee.com\/\">Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9330-2\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-9330-2\" ><div id=\"pgc-9330-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9330-2-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-8b5b6f678277-9330\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/southflorida\/our-team\/todd-cohen\/\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-scaled.jpg\" width=\"2560\" height=\"384\" srcset=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-scaled.jpg 2560w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-300x45.jpg 300w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-1024x154.jpg 1024w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-768x115.jpg 768w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-1536x230.jpg 1536w, https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2020\/02\/Blog-Footer_Multifamily-Specialty-2048x307.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" title=\"Blog Footer_Multifamily Specialty\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>\u201cSigns of slowing\u201d: South Florida apartment rent growth cools in third quarter amid construction boomInvestment sales so far this year hit a low last seen in 2014, a report shows Investment sales so far this year hit a low last seen in 2014, a report shows By Lidia Dinkova\u00a0\u00a0\u2013\u00a0 The Real Deal November 2, 2023 South Florida\u2019s apartment rent growth slowed in the third quarter, amid a construction boom that led to higher vacancies, a&#8230;<\/p>\n","protected":false},"author":76,"featured_media":9331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1817,108],"tags":[1843],"class_list":["post-9330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-investment-sale","category-multifamily","tag-todd-cohen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Signs of Slowing: South Florida Apartment Rent Growth Cools in Q3 Amid Construction Boom - Lee &amp; 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