Miami-Dade Multifamily Market Report

Absorption rebounds as hiring picks up. After slowing in late 2025, first-quarter net absorption rose 40 percent from a year earlier, making Miami one of only seven major markets with stronger first-quarter demand than in 2025. Employers created nearly 10,000 professional and business services jobs through April, reinforcing rental demand and tightening vacancy. Class A vacancy fell the most in early 2026, while Class C vacancy held near 3 percent, supporting leading rent growth. Lower-tier renewal conversions near record highs of 70 percent are giving operators room for measured rent increases as renters stay put.