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Robust 1st Quarter Absorption in Many Florida Markets

Robust 1st Quarter Absorption in Many Florida Markets

Renters flocked to Florida apartments in the first three months of 2021, and solid quarterly demand boosted annual absorption in a state that has been hard hit by the COVID-19 pandemic. Among the largest 150 apartment markets, four of the top ten demand performers in 1st quarter were in the Sunshine State. In Miami, quarterly absorption for nearly 3,300 units was the nation’s top performance and accounted for half of the market’s annual demand. Orlando logged the nation’s third strongest performance (after Austin) in 1st quarter, with demand for nearly 2,600 units, making up nearly half of the market’s total absorption for the year. West Palm Beach and Tampa ranked as the #9 and #10 national performers, with early 2021 demand for roughly 1,700 to 1,900 units. In West Palm Beach, this was nearly 75% of the annual demand tally, while Tampa’s performance accounted for about 30% of yearly absorption. North Port and Cape Coral logged the top two 1st quarter demand tallies among the nation’s smaller apartment markets, absorbing roughly 1,500 units each. Those performances amounted to about half of each market’s demand tally for the year. Fort Lauderdale logged demand for about 1,200 units in the early months of 2021, thought that accounted for only about 20% of the market’s total performance for the year. The remaining Florida markets logged less impressive absorption below the 600-unit mark, but every market in Florida logged at least some demand in 1st quarter.