Skip to main content

Market Report

Miami-Dade Multifamily Market Report

2Q 2024

Relocating Companies Fuel Employment Gains,
Housing Demand as Construction Impacts Rents

Job opportunities underpin housing growth. Corporate relocations and expansions in recent years by prominent employers, such as Citadel Securities and SH Hotels & Resorts, are helping grow Miami-Dade’s labor force. Company commitments from just 2022 supported an estimated 8,000 new positions with average salaries of over $100,000. Greater white collar employment, in turn, drives demand for other consumer-facing services, aiding hiring more broadly. This growth is nevertheless impacting the housing landscape. In 2019, the average effective apartment rent in Miami was 23 percent above the U.S. mean. That margin will have nearly doubled by the end of this year. As rising insurance rates and other housing costs dampen the financial benefits of relocating, emphasis shifts further to corporate investment to support jobs and demographic growth. 
MM Texture Background