Miami-Dade Multifamily Market Report
New Supply Downtown a Near-Term Hurdle; Demand Will Improve as the Economy Recalibrates
Recovery of service jobs will enhance demand. The need for multifamily space will increase as the vaccine rollout allows more stores and entertainment venues to reopen and replenish staff. The leisure and hospitality sector was hit hard by the pandemic, cutting almost 24,000 positions in Miami-Dade last year. Some of those who lost jobs coupled up with roommates or family to reduce expenses, and returning to work supports moving back out. The Follow the Sun campaign may also lure new firms to the metro and underpin demand. Renting will be the practical option for many, especially after the metro’s median home price expanded by nearly 14 percent in 2020 to $456,000. Suburban units, particularly in the Coral Gables-South Miami and West Miami-Doral submarkets, have been garnering greater interest.