Metro Reports Multifamily Market Real Estate Trends

Miami Multifamily Market Report – October 2022

Miami Multifamily Market Report October 2022
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South Florida Maintains Growth Pace

Following an exceptional performance in 2021, South Florida’s multifamily market cooled to a more sustainable pace of growth. Overall rents grew 0.4% on a trailing three-month basis through August—20 basis points behind the U.S. rate—to $2,344. Year-over-year among large U.S. metros, only Orlando (16.9%) posted stronger growth than Miami (16.7%).

Trade, transportation and utilities (41,700 jobs) led to employment gains in the 12 months ending in June, followed by leisure and hospitality (38,400 jobs). The metro’s travel industry rebounded rapidly, with traffic through Miami International Airport at 25.5 million passengers in the first half of the year. With business-friendly laws and top universities, Miami has been steadily growing its tech scene, fueled by the wide adoption of remote and hybrid work models. Tech trade association CompTIA found that a fifth of the 10,522 new tech jobs that Florida added last year were in Miami. The Sunshine State trailed only Texas (10,851 positions) in tech job growth in 2021, with California (5,165 new jobs)—a global tech staple—ranking third nationally.

Multifamily development shifted down a gear. Following the 18,070-unit record supply added to the metro’s inventory in 2021, only 9,351 apartments came online in Miami this year through August. Meanwhile, at $4.7 billion, investment volume was on par with 2021’s first eight months.

Read the full Matrix Multifamily Miami Report-October 2022

About the author

Laura Calugar

Laura Calugar is a senior associate editor with Commercial Property Executive and Multi-Housing News. She has a 10-year background in broadcast media and joined the CPE-MHN team in 2016.

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