Miami-Dade Multifamily Market Report

Falling vacancy reflects stable outlook. After two years of rising vacancy, the first half of 2024 marked a shift, with the metrowide rate contracting by 20 basis points to 4.6 percent as of June. Driven by an inflow of affluent households attracted by a plethora of job opportunities, net absorption outweighed new supply during this period despite a record number of completed units. This supported annual rent growth that outpaced the national average and was the fastest among major Southeast markets. Looking ahead, deliveries are expected to peak in 2025, which should ease competitive pressures. Meanwhile, key infrastructure projects — including the near completion of a $450 million terminal at PortMiami — are expected to boost local employment, expanding the pool of prospective renters.