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South Florida Apartment Deliveries to Double in 2020

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A rendering of Society Las Olas (Credit: ArX Solutions)
South Florida will see nearly 16,000 apartments delivered this year, leading rents to flatten in markets with added supply, according to a recently released report.
Fueled in part by population growth, the number of apartment deliveries will be nearly double the 8,871 units that were completed in South Florida last year, according to Berkadia’s annual report and 2020 forecast. That marks the highest number of annual deliveries so far this cycle.
Nationwide, developers are expected to deliver an estimated 280,000 units across the country, on par with last year and continuing the 260,000-plus annual deliveries pace set and maintained since 2016. Starts and permits, indications of future supply, are expected to drop throughout the year, according to a CBRE outlook report.

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