High risers

Hollywood among cities with highest increases

Seasonal demand sends S. Florida rents soaring.

Apartment rents in South Florida and nationwide rose to new highs as seasonal demand and increased activity offset opening of new buildings, according to a survey by the RENTCafe apartment search website.

Florida continued to be a “hotbed” of activity, the site said, with Hollywood rents rising 9.9 percent year-overyear. The city’s average rents were ranked fourth in the nation on a list of small U.S. cities where rents rose the fastest. Davie was among the few cities in the nation that saw rents ease, with a 0.5 percent decline to $1,732 a month for all apartment types.

In Hollywood, the average rent for all apartment types was $1,322 in July 2017. Last month, the city’s average rose to $1,448. The occupancy rate jumped from 94 percent to 95.7 percent

RENTCafe spokesman Adrian Rosenberg said new apartment construction in Hollywood “has been virtually non-existent over the last couple of years,” with only 500 units entering the market between 2010 and 2017.

“Eventually, due to a limited stock and low supply, the apartment prices in Hollywood soared,” he said.

Rosenberg added that out of all unit types, studio apartments in the city saw the most significant increases at 15.1 percent year-over-year, climbing to $1,098. “This shows there’s a strong demand for this apartment size,” he said.

In June, the supply side got a lift when the 25-story Circ Residences Hollywood opened for business with 389 rental apartments. The multi-floor luxury apartment building sports a number of community rooms, an expansive pool deck with an ocean view and access to rooftop bars. According to a company website, the price of available apartments Monday ranged from $1,905 to $3,695, depending on the size and location in the building.

To compile its report, researchers at RENTCafe analyzed data from 252 of the largest cities in the United States, focusing on buildings that contain 50 or more units.

Large cities are those with populations exceeding 600,000 people; mid-sized cities are those with population between 300,000 and 600,000; and small cities are those with fewer than 300,000 people.