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Market Report

Miami-Dade Hospitality Market Report

Midyear 2023

Metro Tourism Slows After Robust Two-Year Run,
Cooldown Observed on Supply and Demand Sides

Miami loses pandemic preeminence as tourists flow elsewhere. Closed borders, in tandem with relatively relaxed local health restrictions, heavily bolstered domestic room demand in Southeast Florida during the initial years of the health crisis. As health conditions improved, however, these advantages became less pertinent, with tourists filtering to other markets. A high local rate of inflation has exacerbated this pattern. The Miami MSA noted an annual Personal Consumption Index increase of 6.9 percent in June, the second highest among major U.S. metros. This is impacting leisure travel to the metro, as some domestic and international visitors choose comparatively less expensive destinations. Miami will observe its first occupancy decline since 2020 this year, with the rate falling under the 2019 equivalent by roughly 460 basis points. 
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