November 8, 2022
Recently Northmarq presented to the DDA Board of Directors with key highlights on DowntownFTL's vibrant residential real estate market.
The Big Idea:
DowntownFTL is in high demand as place to live for young professionals, families, remote workers, and empty nesters due to the unique amenities available to downtown residents.
By The Numbers:
DowntownFTL has added over 3,300 residential units since 2020. Over 5,000 units were delivered from 14 new residential buildings since 2019 according to Northmarq's estimates. At it peak, DowntownFTL multifamily buildings are being leased a rate of 140 units per month.
As thousands of new units have come online, stabilized DowntownFTL multifamily buildings have maintained an extremely high occupancy rate of 95%. Residential units are being leased as quickly as they are being built.
Why This Matters For DowntownFTL:
Hot cities like Downtown Fort Lauderdale are adding new residential units while maintaining high occupancy rates among existing buildings. These indicators signal DowntownFTL's status as a thriving and in-demand place to live.