Downtown Fort Lauderdale’s urban core, a 2.2-square-mile area between Sunrise Boulevard, the Avenue of Arts, Davie Boulevard, and U.S. Highway One, has gained 5,095 new residential units in the past five years, more than that of the downtown areas of Austin and Atlanta combined.
Jenni Morejon, the Fort Lauderdale Downtown Development Authority’s executive director, reports, “We are outpacing growth in terms of new rental units, and the pandemic has fueled a lot of that.”
Since the pandemic, South Florida rents have increased by as much as 32% year-over-year. This increase can be attributed to the influx of professionals and executives from New York, California, and other parts of the U.S. The average household income in downtown Fort Lauderdale has also increased a staggering 20.2% from last year to $146,358 a year. Read the report here.