MARKET REPORT

MULTIFAMILY
South Florida Metros Q4/19
South Florida Apartment Market on Solid Footing,
Encouraging Investors to Increase Exposure Multifamily 2019 Forecast

Y-O-Y
Challenges to homeownership support rental demand. Strong migra- Metro Vacancy Basis Point Effective Y-O-Y
Rent Change
tion trends to the business-friendly and low-tax state of Florida are bol- Change
stering apartment demand in the three-county area, placing the sector
on a solid foundation as it enters the next year. Homeownership in South Miami 3.5% -50 $1,690 4.5%
Florida remains elusive to a wide swath of the population, resulting in a
homeownership rate in the region of 56.2 percent at midyear, well below
Fort Lauderdale 4.3% -90 $1,640 4.1%
the national rate of 64.1 percent. A shortage of developable land and
high home values are keeping the renter pool full and property metrics
at healthy levels, leading to rent growth near or above 5 percent in each West Palm Beach 4.5% -80 $1,660 4.7%
county in the third quarter.

Construction activity climbs in Miami-Dade and Broward. In the

third quarter, roughly 25,300 apartments were underway in South Flor-
ida, up by approximately 4,500 units from the same time last year. Over
the next two and a half years, nearly 13,800 rentals will be constructed
in Miami-Dade County, followed by Broward County where more than
8,100 units will be built. The largest property coming down the pipeline
is the 816-unit Park-Line Miami, being built directly on top of the Virgin
MiamiCentral station. North in Fort Lauderdale, X Las Olas is the largest
development underway in Broward County; it is a 639-unit high-rise set
to open in 2021. With construction activity still strong in Broward and
Miami-Dade counties, Palm Beach County has registered a strong pull-
back as about 3,400 units are underway, down by roughly 2,000 rentals
from the high recorded in 2016.
Local Apartment Yield Trends
Apartment Cap Rate 10-Year Treasury Rate
12%
9%
Rate
Investment Trends
Miami
• Institutional groups remain active as a strong level of portfolio
deals occurred over the past year, contributing to a low cap rate
environment in some submarkets, reaching the low-4 percent area.
• Older neighborhoods such as Little Havana, the Wynwood area and
Miami Gardens/Opa-Locka are major targets of private investors in
search of higher-yielding assets with remaining upside potential.
Fort Lauderdale
• Dania Pointe has been a catalyst for development and investment in
Dania Beach, with investors able to acquire multifamily assets with an
average cap rate in the high-5 to high-6 percent range.
• Plantation and Sunrise are receiving increased attention as investors
and developers move farther from the core, following stable
population gains and favorable rent growth. Initial yields in the
submarket are in the mid-5 percent band.

6%
West Palm Beach
3% • Outside West Palm Beach, investors gravitated to Boynton Beach and
Greenacres, where going-in cap rates were in the upper-6 percent area
*
0%
01 03 05 07 09 11 13 15 17 19* and the average price was in the low-$100,000s to mid-$100,000s.

• A slowdown in construction activity coupled with healthy household

formation bode well for existing complexes. Favorable demographics
Sales Trends and healthy property metrics will keep investors active in the search
* Cap rate trailing 12-month average Sales Price
through 3Q; Treasury Growth
rate as of Sept. 30 for elevated returns.
Includes sales $1 million and greater for Miami, Fort Lauderdale and West Palm Beach.
per Unit (000s)

$180 30%
Sources: CoStar Group, Inc.; Real Capital Analytics
Year-over-Y

$150 15%
 MIAMI

Employment Trends 3Q19 Yield

Local Apartment – 12-Month
Trends Period
Metro United States Apartment Cap Rate
EMPLOYMENT
10-Year Treasury Rate
6%
12%
2.5% increase in total employment Y-O-Y
Year-over-Year Change

3%
9%
• Over the past four quarters, employers added 30,000 jobs to
company payrolls, contributing to the lowest unemployment rate

Rate
0%
6%
since 2007 following a 40-basis-point decline to 3.2 percent in the
-3% third quarter.
3%
• Job gains were led by the education and health services sector,
-6% 0% which had 11,200 new hires, trailed by the 7,400 jobs created in
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*
the professional and business services sector.

Completions and Absorption Sales Trends

Completions Absorption Sales CONSTRUCTION
Price Growth

Average Price per Unit (000s)

$180 30%
12 5,800 units completed Y-O-Y

Year-over-Year Growth
Units (000s)

$150 15%
9 • Through the first nine months of 2019, developers completed nearly
5,000 units, pushing the year-over-year total to the highest level in
$120 0%
6 more than two decades and outpacing the almost 5,400 rentals built
during the previous period.
3 $90 -15%
• The largest delivery of the third quarter was The Shoreline at Solé
0 $60 Mia, comprising 397 doors. Also finalized in the third quarter was
-30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*
Yard 8, a 387-unit 28-story tower in Midtown.

Vacancy Rate Trends

Metro United States VACANCY
10%
20 basis point decrease in vacancy Y-O-Y
8%
Vacancy Rate

• The net absorption of more than 5,100 units and removal of 1,100
rentals compressed the vacancy rate to 3.4 percent in the third
6%
quarter, building on the 10-basis-point decline posted a year ago.

4% • Rapid leasing momentum in the Class A segment led to a

110-basis-point decline over the past year to 5.0 percent, while at
2% Class C complexes a 40-basis-point decline brought the vacancy
09 10 11 12 13 14 15 16 17 18 19*
rate down to 1.3 percent.

Rent Trends
Monthly Rent Y-O-Y Rent Change RENT
$1,800 8%
5.0% increase in the average effective rent Y-O-Y
Year-over-Year Change
Monthly Effective Rent

$1,500 4% • Robust rental demand and tight operations supported another

stout increase to the average effective rent, rising to $1,672 per
$1,200 0% month in the third quarter following a 6.4 percent increase post-
ed at the same time last year.
$900 -4%
• Rent growth was highest for Class C apartments, jumping 9.8 percent
$600 -8% over the past year to $1,153 per month, trailed by a 4.4 percent in-
09 10 11 12 13 14 15 16 17 18 19* crease in the Class B segment to $1,625 per month.

* Forecast
Source: RealPage, Inc.
Demographic Highlights

3Q19 Median Household Income 3Q19 Affordability Gap Multifamily (5+ Units) Permits

Metro $56,432 Renting is $653 Per Month Lower 8,794 1H 2019

U.S. Median $65,205 Average Effective Rent vs. Mortgage Payment* h 3% Compared with 1H
2016-2018

3Q19 Median Home Price Five-Year Household Growth** Single-Family Permits

Metro $377,320 72,600 or 1.5% Annual Growth 2,465 1H 2019

Compared with 1H
U.S. Median $272,227 U.S. 1.0% Annual Growth h 10% 2016-2018

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2019-2024 
Annualized Rate

SUBMARKET TRENDS SALES TRENDS

Sales Volume Holds Stable as Investors Chase
Employment Trends Local Apartment Yield Trends
Lowest Vacancy Rates 3Q19 Deals in Miami’s Submarkets
Metro United States Apartment Cap Rate 10-Year Treasury Rate
6%
Y-O-Y Average
• Elevated investor perceptions maintained an active 12 months of
Vacancy Y-O-Y % 12%
Submarket
Rate
Basis Point Effective
Change
trading, keeping the average price at approximately $170,000 per unit.
Year-over-Year Change

Change Rents
3%
• Transaction velocity
9% edged higher in some of Miami’s neighborhoods,
North Central Miami 0.5% -10 $1,100 8.3% outside of the urban core, including Little Havana, Miami Gardens
Rate

0%
and Opa-Locka,6% as buyers chased yields and upside potential.

Homestead/ Outlook: Submarkets that still provide strong rent growth and have not
-3% 2.1% -60 $1,220 7.0%
South Dade County 3%
faced rising competition from new development will attract investors
-6% in search of higher yields and value-add opportunities, such as Hialeah,
Hialeah/Miami Lakes 102.5%11 60 $1,496 175.7%
0%
09 12 13 14 15 16 18 19*
Miami Lake and North01Central
03 05 07
Miami. 09 11 13 15 17 19*

Coral Gables/South Miami 3.5% -70 $1,965 5.0%

Completions and Absorption Sales Trends
Completions Absorption 10.2% Sales Price Growth
Miami Gardens 3.5% 30 $1,330
Average Price per Unit (000s)

$180 30%
12
Year-over-Year Growth

Westchester/Kendall 3.5% -40 $1,555 2.8%

Units (000s)

$150 15%
9
Downtown Miami/
3.7% -90 $2,090 4.2% $120 0%
South Beach 6

3 $90 -15%
West Miami/Doral 4.1% 40 $1,914 2.2%

0 $60 -30%
Northeast Miami 09 4.5%11
10 12 -80
13 14 $1,634
15 16 17-0.5%
18 19* 09 10 11 12 13 14 15 16 17 18 19*

Overall Metro 3.4% -20 $1,672 5.0% * Trailing 12 months through 3Q19
Vacancy Rate Trends Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Metro United States
10%
 FORT LAUDERDALE

3Q19 – 12-Month Period

Employment Trends
EMPLOYMENT
Metro United States
8%
1.5% increase in total employment Y-O-Y
Year-over-Year Change

4% • Employment in Fort Lauderdale expanded by 13,200 jobs over

the 12-month period ended in September, compressing the
0% unemployment rate to 3.3 percent, a 10-basis-point decline from a
year earlier.
-4%
• The education and health services sector created 5,300 jobs
over the past year, the strongest gain by sector, followed by
-8%
09 10 11 12 13 14 15 16 17 18 19* professional and business services, which added 4,400 workers.

Completions and Absorption Sales Trends

CONSTRUCTION
Completions Absorption Sales Price Growth
Average Price per Unit (000s)
$180
2,500 units completed30%Y-O-Y
6

Year-over-Year Growth
• Deliveries so far this year totaled 1,800 units, bringing the year-over-
Units (000s)

$135 15%
4 year total roughly 600 rentals below the almost 3,100 apartments
completed during the prior period. Nearly 15,000 units have been
$90 0%
2
built over the past five years.
0 $45 • Pearl Flagler Village was the largest delivery
-15%of the third quarter

totaling 357 rentals. Also completed in the third quarter was Eon at
-2 $0 -30%
Flagler Village, a 12-story building that contains 206 apartments.
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends

VACANCY
Metro United States
10% 50 basis point decrease in vacancy Y-O-Y

8%
• Net absorption totaled approximately 3,300 units over the past
Vacancy Rate

four quarters, outpacing deliveries to drop the vacancy rate to 4.2

6%
percent in the third quarter, adding to the 70-basis-point decline
recorded at the same time last year.
4% • Robust Class C demand brought the vacancy rate in the segment
down to 2.2 percent in the third quarter following a 110-basis-
2% point decline. Class B vacancy fell 40 basis points to 4.8 percent.
09 10 11 12 13 14 15 16 17 18 19*

Rent Trends
RENT
Monthly Rent Y-O-Y Rent Change

$1,800 18%
4.9% increase in the average effective rent Y-O-Y
• Building on a 3.3 percent increase registered one year ago, the
Year-over-Year Change
Monthly Effective Rent

$1,600 12%
average effective rent climbed to $1,620 per month in the third
quarter amid low vacancy and strong tenant demand.
$1,400 6%
• A 5.9 percent increase in the Class C segment lifted the average
$1,200 0% effective rent to $1,227 monthly, followed by a 5.0 percent at Class B
complexes to $1,624 per month.
$1,000 -6%
09 10 11 12 13 14 15 16 17 18 19*
* Forecast
Source: RealPage, Inc.
 Demographic Highlights

3Q19 Median Household Income 3Q19 Affordability Gap Multifamily (5+ Units) Permits

Metro $63,301 Renting is $432 Per Month Lower 3,784 1H 2019

U.S. Median $65,205 Average Effective Rent vs. Mortgage Payment* g 29% Compared with 1H
2016-2018

3Q19 Median Home Price Five-Year Household Growth** Single-Family Permits

Metro $331,105 72,200 or 1.8% Annual Growth 1,683 1H 2019

Compared with 1H
U.S. Median $272,227 U.S. 1.0% Annual Growth g 10% 2016-2018

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2019-2024 
Annualized Rate

SUBMARKET TRENDS SALES TRENDS

Attractive Yield Profile and Robust Property
Lowest Vacancy Rates 3Q19
Employment Trends Metrics Sustain Buyer Competition
Metro Y-O-Y United States
Average
• Strong investor demand kept sales activity elevated, supporting a
Vacancy Y-O-Y %
Submarket 8%
Rate
Basis Point Effective
Change
6.5 percent increase to the average price recorded over the past four
Change Rents
quarters to $163,400 per unit.
Year-over-Year Change

4%
Pompano Beach/ • The average first-year yield held stable over the past year, resting in
2.9% -100 $1,397 3.9%
Deerfield Beach the low-6 percent band.
0%

Sunrise/Lauderhill 3.8% -140 $1,429 7.6% Outlook: Lower pricing than the rest of South Florida along with strong
-4% tenant demand boost investor perceptions. Areas surrounding Fort
Lauderdale proper including Flagler Village and portions of West Broward
Pembroke Pines/Miramar
-8%
3.9% -70 $1,727 3.4% County will remain major targets.
09 10 11 12 13 14 15 16 17 18 19*

Margate/Coconut Creek/
4.3% -40 $1,564 2.8%
North Lauderdale
Completions and Absorption Sales Trends
Plantation/Davie/Weston 4.3%
Completions-70 $1,751
Absorption 4.4% Sales Price Growth
Average Price per Unit (000s)

$180 30%
6
Hollywood 4.4% 150 $1,500 6.7%
Year-over-Year Growth
Units (000s)

$135 15%
4

Coral Springs 4.7% 10 $1,672 2.9%

$90 0%
2

Fort Lauderdale 0 5.6% 60 $1,862 6.5% $45 -15%

-2 $0 -30%
Overall Metro 09 10 4.2%
11 12 -50
13 14 $1,620
15 16 17 4.9%
18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 3Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Metro United States
10%
 WEST PALM BEACH

Current Trends 3Q19 – 12-Month Period

Employment Trends EMPLOYMENT
Metro United States
6%
2.0% increase in total employment Y-O-Y

• During the first three quarters of the year, 7,200 jobs were created,
Year-over-Year Change

3%
bringing the year-over-year total to 12,800. The jobless rate fell to
3.3 percent in September, a 20-basis-point decline from the same
0%
time one year earlier.

-3%
• Employment growth was headlined by the professional and
business services sector with the creation of 5,700 jobs, followed
-6%
by education and health services, adding 2,300 workers.
09 10 11 12 13 14 15 16 17 18 19*

Completions and Absorption Sales CONSTRUCTION

Trends
Completions Absorption Sales Price Growth
Average Price per Unit (000s)
1,600 units completed Y-O-Y
$220 40%
6 • Supply gains continue to trend lower from the highs recorded in

Year-over-Year Growth
$180 2017 as just over 1,600 units were built over20%
the past four quarters,
Units (000s)

4
down by nearly 700 rentals from the previous yearlong stretch.
$140 0%
2 • At 392 units, Town Southern in Royal Palm Beach, which was
finalized this summer, is the largest delivery of the year. Still
0 $100 -20%
underway is the second largest project, Azola West Palm Beach,
-2 $60
which will total 179 rentals. -40%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

Vacancy Rate Trends VACANCY

Metro United States
10%
70 basis point decrease in vacancy Y-O-Y
• The vacancy rate declined 70 basis points over the past year to 5.0
8% percent in the third quarter on net absorption of more than 2,200
Vacancy Rate

units, building on the 40-basis-point drop posted a year ago.

6%
• Class B vacancy fell at the greatest rate over the past year, down
110 basis points to 5.5 percent, while at Class A complexes a
4%
20-basis-point decline to 5.7 percent was recorded. Class C
vacancy rose 20 basis points to 3.1 percent.
2%
09 10 11 12 13 14 15 16 17 18 19*

Rent Trends RENT

Monthly Rent Y-O-Y Rent Change
5.7% increase in the average effective rent Y-O-Y
$1,800 12%
• Rent growth picked up from the 3.9 percent increase posted one
Year-over-Year Change
Monthly Effective Rent

year ago, bringing the average effective rent up to $1,644 per

$1,600 8%
month in the third quarter.
$1,400 4% • Class C rent surged 12.0 percent over the past year to $1,249 per
month in the third quarter, while in the Class A segment a 10.3 per-
$1,200 0%
cent jump was registered, reaching $2,146 per month.

$1,000 -4%
* Forecast 09 10 11 12 13 14 15 16 17 18 19*

Source: RealPage, Inc.

Demographic Highlights

3Q19 Median Household Income 3Q19 Affordability Gap Multifamily (5+ Units) Permits

Metro $67,452 Renting is $511 Per Month Lower 2,475 1H 2019

U.S. Median $65,205 Average Effective Rent vs. Mortgage Payment* g 36% Compared with 1H
2016-2018

3Q19 Median Home Price Five-Year Household Growth** Single-Family Permits

Metro $348,441 86,200 or 2.7%Annual Growth 3,088 1H 2019

Compared with 1H
U.S. Median $272,227 U.S. 1.0% Annual Growth g 18% 2016-2018

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2019-2024 
Annualized Rate

SUBMARKET TRENDS SALES TRENDS

Investors Take Notice of Healthy Fundamentals and
Lowest Vacancy Rates 3Q19
Employment Trends Strong Demographics in Palm Beach County
Metro United States • Deal flow over the past four quarters remained in line with the prior
Y-O-Y Average
6% Vacancy Y-O-Y %
Submarket
Rate
Basis Point Effective
Change
yearlong period, while a 2.4 percent lift to the average price was
Change Rents
recorded, averaging $174,400 per unit.
Year-over-Year Change

3%
• The average cap rate registered over the past 12 months remained in
Lake Worth/Greenacres/
0%
3.6% -20 $1,386 5.8% the low-6 percent territory.
Wellington
Outlook: Rent growth remains strong across Palm Beach County and with
-3% the new Virgin Trains line and a growing cohort of young professionals,
West Palm Beach 4.0% -170 $1,451 5.3% investors will eye multifamily assets in the area. Boynton Beach, Delray
-6% Beach and Boca Raton will be of particular interest.
09 10 11 12 13 14 15 16 17 18 19*

Boynton Beach/
5.6% -90 $1,671 3.9%
Delray Beach Completions and Absorption Sales Trends
Completions Absorption Sales Price Growth
Average Price per Unit (000s)

$220 40%
Boca Raton 6 5.7% -30 $1,999 8.2%
Year-over-Year Growth
Units (000s)

$180 20%
4

$140 0%
2
North Palm Beach County 6.3% -10 $1,702 4.2%

0 $100 -20%

-2 $60 -40%
Overall Metro 09 105.0%
11 12 -70
13 14 $1,644
15 16 17 5.7%
18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 3Q19

Vacancy Rate Trends Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics

Metro United States

10%
 (216) 264-2000

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1H19 Apartment Acquisitions By DAVID G. SHILLINGTON, President,

By Buyer Type Marcus & Millichap Capital Corporation
Baltimore Office: Dallas Office:
Other, 1.6% Cross-Border, 7.5% • Fed cuts rate again, while balancing assortment of factors. The Federal
Bryn Merrey Senior Vice President/Division Manager Tim Speck
Reserve cutFirst
theVice President/District Manager
overnight rate by 25 basis points at the end of October, the third
100 E. Pratt St., Suite 2114 Equity Fund 5001 Spring Valley Road, Suite 100W
Baltimore, MD 21202 & Institutions, 18.9% reduction in
Dallas, TX 75244 less than 100 days in an attempt to lengthen the economic runway.
(972) 755-5200 | tim.speck@marcusmillichap.com
Tel: (202) 536-3700 | bryn.merrey@marcusmillichap.com Muted inflationary pressure and continued trade negotiations have boosted the
probability for an additional rate cut in December as it is anticipated by some
Listed/REITs, 5.0% Fort Worth Office:
domestic and foreign markets. However, at the end of October, the U.S. and China
Private, 67.0%
were in
Mark talks for
McCoy finalizing
Regional Managerthe first phase of a trade deal, potentially erasing the
300 Throckmorton Street, Suite 1500
Boston Office: need for another rate reduction if the preliminary agreement quickly comes to
Fort Worth, TX 76102
fruition.
(817) This,
932-6100 along with positive economic indicators like strong wage growth,
| mark.mccoy@marcusmillichap.com
John Horowitz First Vice President/Regional Manager
100 High Street, Suite 1025 sustained job creation and a rising 10-year Treasury, will continue to make future
Apartment Mortgage Originations
Boston, MA 02110 decisions difficult for Fed members as they balance the array of forces tugging at
By Lender
(617) 896-7200 | tim.thompson@marcusmillichap.com
both ends
Denver of possible outcomes. Global developments including slowing Euro-
Office:

100% pean economies

Skyler Cooper Regional as well as the progression of Brexit and its potential aftermath
Manager
will17th
1225 also helpSuite
Street, determine
1800 future Fed decisions. Though recession risks remain, the
Percent of Dollar Volume

Gov't Agency Denver, CO 80202

75%
Charleston Office:
50%Benjamin Yelm Regional Manager
151 Meeting Street, Suite 450
Charleston, SC 29401
25%(843) 952-2222 | benjamin.yelm@marcusmillichap.com
0%
15 16 17 18 1H19
Includes sales $2.5 million and greater
Sources: CoStarCharlotte
Group, Inc.;Office:
Real Capital Analytics
Financial/Insurance
economy’s solid foundation has softened it in recent months, signaling continued
(303) 328-2000 | skyler.cooper@marcusmillichap.com
Nat'l Bank/Int'l Bank domestic growth in the near future.
Reg'l/Local Bank
• Abundant liquidity balances conservative underwriting. Debt financing for
CMBS
apartment assets remains strong, supported by a variety of lenders. Fannie Mae
and Freddie Mac, two mainstay apartment capital sources, were recently given
Detroit Office:
increased lending caps, allowing the two Government Sponsored Enterprises
to purchase
Steven Chaben $100Senior
billion
Vice in loans during Manager
President/Regional a yearlong period that started at the
Two Towne Square,
beginning of the Suite 450 quarter 2019. A wide range of local, regional and national
fourth
Southfield, MI 48076
banks;
(248) pension
415-2600 funds; insurance companies and CMBS sources will also remain
| steven.chaben@marcusmillichap.com

Benjamin Yelm Regional Manager active. All have responded to the falling interest rate climate by reducing mort-
201 South Tryon Street, Suite 1220 gage rates, but lender spreads have widened as the 10-year Treasury rate remains
Charlotte, NC 28202
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near cycle lows. Given the downward pressure on interest rates, lender caution
Houston Office: Memphis
has risen,Office:
particularly for construction loans. Though lending is still available for
National Multi Housing Group
Ford Noe Regional Manager these types
Jody McKibben of projects, investors may
Vice President/Regional need to blend mezzanine debt with other
Manager
John Sebree
Three Riverway, Suite 800 5100 Poplar
capital Avenue, until
sources Suite 2505
they prove out their concepts and substantially fill units. For
First Vice President, National Director | National Multi Housing Group Edmonton Office:
Houston, TX 77056 Memphis, TN 38137
Chicago Area Offices: stabilized
Tel: (312) 327-5417 | john.sebree@marcusmillichap.com
(713) 452-4200 | ford.noe@marcusmillichap.com (615) 997-2860existing assets in most major markets, financing remains plentiful.
| jody.mckibben@marcusmillichap.com
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333 by
West Wacker Drive, Suite 200, Chicago, IL 60606 10180 101 Street, Suite 3400
Prepared and Edited
(312) 327-5479 | david.bradley@marcusmillichap.com Edmonton, Alberta T5J 3S4
Michael Murphy (604) 675-5200 | rene.palsenbarg@marcusmillichap.com
Research Analyst | Steven Weinstock First Vice President/Regional Manager | Oak Brook
Research Services
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For information on national
(630) apartment
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John ChangJosh Caruana Vice President/Regional Manager ScottMarkel
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(513) 878-7700 | colby.haugness@marcusmillichap.com Todd Lindblom Regional Manager
Colby Haugness Regional Manager 13890 Bishops Drive, Suite 300
600 Vine Street, 10th Floor Brookfield, WI  53005
Cincinnati, OH 45202 (262) 364-1900 | todd.lindblom@marcusmillichap.com
(513) 878-7700 | colby.haugness@marcusmillichap.com
The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee,
express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data
includes transactions valued at $1,000,000 and greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide
specific investment advice and should not be considered as investment advice.
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Experian; National Association of Realtors; Moody’s Analytics; Real Capital Analytics; RealPage, Inc.; TWR/Dodge
Jacksonville Office: Minneapolis Office:
Pipeline; U.S. Census Bureau
Justin West, Vice President/Regional Manager Jon Ruzicka Regional Manager
5220 Belfort Road, Suite 120 1350 Lagoon Avenue Suite 840
Jacksonville, FL 32256 Minneapolis, MN 55408
(904) 672-1400 | justin.west@marcusmillichap.com (952) 852-9700 | jon.ruzicka@marcusmillichap.com