Skip to main content

Market Report

Miami-Dade Multifamily Market Report

2025 Investment Forecast

High-Income Renters Fuel Miami’s Market
as Suburban Tightness Draws Investor Attention

Luxury rentals aided by job surge. By the end of 2025, Miami-Dade is projected to have added over 90,000 jobs since early 2023, leading all major Florida markets. A growing professional and business services sector has increased renter demand, as high home prices steer even affluent residents toward apartments. Rising rents in the urban core are also prompting many to seek more budget-friendly housing in the suburbs, with expanding transit infrastructure likely to support this shift. Notably, the South Dade TransitWay is scheduled to open in early 2025, running 20 miles from South Miami to Florida City. With deliveries forecast to moderate after a record influx, new supply should be generally well received. Last year, luxury units remained in high demand, as Class A vacancy tightened across the metro despite elevated completions. In particular, upper-tier vacancy downtown fell by nearly 100 basis points to under 5 percent, paving the way for strong rent growth. The potential for extreme weather has yet to sway the metro’s positive momentum. Looking ahead, construction starts may rise, due in part to recent changes in the Live Local Act, which includes reduced parking requirements and enhanced tax incentives.
TO READ THE FULL ARTICLE
MM Texture Background