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The State of Residential Real Estate

By Sublime Imagery/Fort Lauderdale DDA

Fort Lauderdale
By Dev Motwani

here’s no question that the Downtown Fort Lauderdale features that have lured in droves of new residents over the
of today is a bustling urban area undergoing lasting past decade. Downtown, measuring 2.2 square miles, is home
T growth across all sectors. Downtown Fort Lauderdale’s to 20,941 residents and is forecasted to see an increase of 41
population has exploded, experiencing a 57 percent increase percent in population by 2026. These residents are affluent,
making an average household income of
since 2010, driving the area’s rapid development and
$121,764, and predominantly young, with 33 percent of the
transforming it from a lowkey beach town into a vibrant
population falling between the ages of 20 and 34. Historically
metropolitan hub with a thriving Downtown core at the center
filled with empty nesters and an older population cohort,
of the action. This growth has been extremely concentrated in
Downtown is now seeing this younger demographic match the
Downtown. For comparison, the entire city of Fort Lauderdale
population of those 55 and older. As they put down roots, they
has experienced a more modest increase of 9 percent growth bring with them both the openness to entrepreneurship and
in the last decade, and Broward County just 10 percent. innovation, and the passion and brainpower to sustain and
Fort Lauderdale Downtown Development Authority’s Spring attract the types of high-paying, lucrative businesses and job
2022 residential real estate report by Colliers International opportunities we see entering the city today. This increased
breaks down the different components of this growth and the downtown population has also supported significant growth in
catalysts driving it, transforming the city into a vibrant and downtown retail and food and beverage options, leading to a
attractive place to be. vibrant living experience.

Who’s here? Multifamily Market
Downtown Fort Lauderdale’s picturesque Riverwalk, iconic A key indicator of Fort Lauderdale’s boom is the recent rapid
waterways, distinct culture and proximity to the beach and growth in its multifamily sector. When compared to the
international airport and seaport are just a few of its many neighboring downtowns of West Palm Beach and Miami,

24 LAS OLAS BOULEVARD & ISLES