Miami-Dade Multifamily Market Report
2024 Investment Forecast
Local Homeownership Hurdles Among the Nation’s Steepest,
Helping Curb Increasing Apartment Vacancy
Growth dynamics are above historical norms, despite some tempering momentum. Robust in-migration over the last three years has boosted the average apartment rent roughly 50 percent since 2020. The loss of some affordability advantages may now partially hinder inflows as population gains are expected to moderate. Nevertheless, corporate relocations and expansions are helping drive a rate of growth that remains above historic norms. Citadel’s move to Brickell is a notable example, adding to the metro’s base of skilled labor. Though many of these new positions are higher-wage jobs, homeownership challenges are directing more residents to apartments. In addition to elevated mortgage rates, Miami boasts the third-highest median home price in the country, following a 65 percent hike between 2019 and 2023. This dynamic helps tame the pace of vacancy expansion in 2024, allowing the metro to retain the lowest measure among major Florida markets. A record supply influx, however, is set to place particular pressure on the luxury segment, increasing concession offerings in the near-term.