South Florida Multifamily Rents Weaken in the Face of New Supply

After achieving double-digit rent gains and almost doubling the U.S. average rent growth from the second half of 2021 through the first half of 2022, South Florida multifamily rents are beginning to moderate. Annual rent growth across the three South Florida markets came in at or below the current U.S. average gain of 1.2% as of the second quarter of 2023, with Palm Beach seeing the first signs of apartment rent contraction.