Miami-Dade Multifamily Market Report
Availability Remains at Historic Low, Preceding Miami’s Largest Development Wave On Record
The need for housing is imminent. Following a year when over 17,500 units were absorbed on a net basis, it has never been harder for residents to find a vacant apartment in Miami-Dade. Availability was at 1.2 percent entering the second quarter, ranking the lowest among all major United States markets. Leasing activity is widespread, with net absorption in both the urban core and suburban submarkets more than doubling previous annual record totals. The recent demand surge will likely be sustained, as single-family home prices in Miami are the most expensive in Florida, suggesting new residents are more likely to rent than to opt for homeownership. The metro is experiencing its largest supply wave in more than two decades, but apartment demand is expected to remain near record levels, stimulating a pace of rent growth that leads all major U.S. metros this year.