Broward County is experiencing a surge in rental apartment construction.
More than 15,000 apartments are under construction or in the planning and permitting phases in Broward. About 4,000 units will be completed this year. Monthly rental rates in Broward are projected to rise by almost 3 percent to an average of $1,300 in 2014.
Sparked by hiring increases in the healthcare, retail, and hospitality sectors, Broward County is expected to crease some 23,500 new jobs this year, up from 21,000 in 2013.
According to the Daily Business Review, apartment developers are still able to option 10-year loans at five percent interest rates.