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Market Report

Miami-Dade Multifamily Market Report

3Q 2022

Miami Boasts Florida's Lowest Vacancy Rate,
Bolstered by Household Formation and Job Growth

Robust hiring underpins renter demand. Many companies and employees are migrating from other cities and states to Miami, due to the region's business-friendly environment, and the flexibility hybrid and remote work schedules provide. This has led to robust gains in the metro's labor market, with job growth in the trailing 12-month period ending in June outpacing the national average by nearly 300 basis points. These strong economic fundamentals are fueling renter demand, resulting in vacancy falling to 2.3 percent in the past year, the lowest rate among major Florida markets. Looking ahead, Miami is well positioned to sustain this momentum long term, as more than 13,000 new households are projected to be formed annually over the next 10 years. Additionally, median home prices are nearly 10 times the metro's average household income, likely steering much of the metro's incoming population toward the rental market.
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