Fort Lauderdale’s multifamily market is recalibrating after the unsustainable surge in 2021–22, with rent growth slowing to 0.1% as a large luxury supply wave expands vacancies and pushes concessions higher. Despite this cooldown, rents remain more than 25% above early-2021 levels and over 34% above the U.S. average, while demand has rebounded, averaging over 1,000 units of absorption per quarter since late 2023. Vacancy has risen to 7.6% amid one of Florida’s largest pipelines, though it remains tighter than most major metros, with pressure concentrated in Class A units. Lower-rent submarkets, including Oakland Park/Lauderhill, Hollywood/Dania Beach, and Pompano Beach/Deerfield Beach, are posting some of the strongest annual rent gains as renters shift toward more cost-effective geographies. These areas are benefiting from heightened demand for attainable housing amid elevated metro-wide rents.

 

Key Findings

• After years of double-digit growth, asking rents slowed to 0.1% in Q3 2025, with luxury units softening, while Class C and affordable submarkets outperform amid limited workforce housing and strong renter demand.
• Fort Lauderdale has 8,760 units under construction, mostly Class A luxury near I-95 and Las Olas Boulevard, driving the vacancy up to 7.6%.
• Annual multifamily sales total $1.8 billion, with multiple $100M+ trades. Cap rates rose to 5.6% as rising interest rates and softening fundamentals pressure pricing, particularly for higher-vacancy properties.

 

Supply & Demand Dynamics

Source: CoStar Group, Inc.

 

Fort Lauderdale Demographics

Source: CoStar Group, Inc.

• Unemployment Rate: 3.6%
• Current Population: 2,051,516
• Households: 784,759
• Median Household Income: $79,938

 

Fort Lauderdale’s strong base of finance, professional services, and information-sector jobs, paired with sub-4% unemployment and more than 25% income growth since 2020, continues to support multifamily demand, even as job growth cools. Rapid housing cost increases over the past few years are now beginning to level off, with new apartment deliveries helping moderate rent growth and rising home inventory stabilizing prices. While slower office-using job expansion and a shift toward lower-wage employment will intensify demand for more affordable options, the metro’s skilled workforce, business-friendly climate, and strategic position between Miami and Palm Beach keep long-term fundamentals solid for the multifamily market.

 

Population, Labor Force, & Income Growth

Source: CoStar Group, Inc.

 

 Fort Lauderdale Multifamily Construction

Construction in Fort Lauderdale accelerated in early 2025, with over 3,200 units breaking ground, contrasting national trends of slowing starts. Multifamily development has surged since the pandemic, following record starts of 5,300 units in 2021 and 6,900 in 2022. Approximately 8,700 units are currently under construction, the fourth-largest pipeline in Florida, with 80% targeting Class A luxury apartments. Development is concentrated between I-95 and the Atlantic, particularly in Central Fort Lauderdale, Hollywood/Dania Beach, and Pompano Beach/Deerfield Beach, with many near Las Olas Boulevard. High homeownership costs and limited single-family construction continue to drive demand toward new rental product, with 4,100 units expected to deliver in 2025.

 

Units Construction Starts

Source: CoStar Group, Inc.

 

Units Under Construction

Source: CoStar Group, Inc.

 

Fort Lauderdale Multifamily Sales

Fort Lauderdale’s multifamily investment market recorded $554M in sales just this quarter and $1.8B in annual sales, in line with pre-pandemic levels, though activity has slowed from recent highs. Several transactions exceeded $100 million, including PonteGadea’s $165 million purchase of the 259-unit Veneto Las Olas, TA Realty’s $118 million acquisition of Bell Pembroke Pines, and Journey Capital’s $102 million purchase of The Rise Central at Plantation Walk. Newly built 4 & 5 Star properties, like The Ellsworth, continue to command premiums, while older or higher-vacancy assets trade at discounts. Rising interest rates and softening fundamentals have pushed average cap rates to 5.6%, placing pressure on pricing.

 

Sales Volume

Source: CoStar Group, Inc.

 

By the Numbers

Q3 2025 | Source: CoStar Group, Inc.

• Sales Volume: $554B
• Price Per Unit: $283K
• Cap Rate: 5.6%
• Vacancy Rate: 7.6%
• Rent Growth: 0.1%
• Asking Rent Per Unit: $2330
• Under Construction: 8,760 units
• Delivered: 914 units
• Absorbed: 397 units