Miami-Dade Multifamily Market Report

Office sector hiring fuels urban leasing. Miami’s multifamily market continued to tighten in the first quarter of 2025. Metrowide vacancy fell to 4.3 percent in March — the lowest level since early 2023. Easing supply pressures and steady renter demand, bolstered by resilient office-using job growth, drove notable compression in Class A and B vacancy rates. Downtown Miami and the metro’s northern suburbs, where development has been concentrated, sustained strong lease-up of new units. In contrast, vacancy rose slightly in the Class C segment, reflecting financial strain among lower-income households likely tied to recent job losses in the hospitality sector. Although rent growth in this tier remained elevated amid limited availability, softening demand may temper future gains.