Broward apartment market heats up

Broward County’s apartment market is continuing to show strength, following a decrease in vacancy in the first three months of 2012, according to a report from Marcus & Millichap. With still-limited construction, the firm projects the area’s vacancy to decrease further in the rest of the year. The only market-rate property under construction is the Jefferson at Monterra in Cooper City, which is slated to come online in the third quarter of 2013. Marcus & Millichap projects vacancy to drop 100 basis points this year to 4.3 percent, following a 130-basis-point decrease in 2011. Rents are also projected to rise, with a 2.8 percent increase to $1,111 per month. — Alexander Britell