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Market Report

Miami-Dade Multifamily Investment Forecast

2022 Outlook

Low Vacancy Attracts Additional Capital From Around the World to South Florida

Miami among tightest apartment markets in the country. A prime destination for renters seeking to avoid stricter lockdowns in the Northeast and on the West Coast, Miami recorded significant vacancy compression last year. Tight conditions are positioned to persist in the near term as the metro attracts more workers, boosting the local population count. The number of executives and other employees on waiting lists from JP Morgan Chase and Goldman Sachs requesting transfers to Florida is at an all-time high. Recent vacancy compression has come without the benefit of international tourism, which will increase this year as travel restrictions ease. Furthermore, an increase in cruise ship calls will enhance hiring in the leisure and hospitality sector. The number of those positions remains approximately 25,000 spots below the pre-recession level and a return to previous staffing levels should help pull down the unemployment rate, which remains among the highest in Florida.
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