Florida continues to boast strong demand for apartment market

Sun Belt cities dominated the top 10 rent growth markets in July with eight out of 10 located within the region, according to Apartments.com, a CoStar Group company.

“Throughout the month of July, while multifamily yearly rents continued to perform well above historical averages, the deceleration of rent growth quickened at a time when markets typically post their best results,” said Jay Lybik, national director of multifamily analytics, CoStar Group. “The deteriorating rent situation highlights a significant collapse of demand in the sector when new unit deliveries are projected to hit 230,000 in the second half of 2022.”

Florida continued boasting strong demand with four of the five top markets, including Orlando, Miami, Fort Lauderdale and Palm Beach. However, the markets with the fastest-growing rent in 2021 are now experiencing the quickest pullback. For example, Palm Beach has seen a dramatic slowing of growth, with year-over-year asking rents decreasing