Metro Reports Multifamily Market Real Estate Trends

Miami Real Estate Market Trends – Winter 2021

Miami Real Estate Market Trends Winter 2021
Miami, Florida, USA skyline over Biscayne Bay at dusk.

Miami Rental Sector Holds Steady

As Miami continues to navigate the health crisis and ensuing economic hardship, the metro became an example of resilience in the face of adversity, according to a study by the Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center. The report commended Miami’s efforts to repurpose existing strategies—already tested against coastal vulnerabilities, disease outbreaks and economic difficulties. Despite the challenges, Miami real estate has endured, with multifamily rents up 0.4% to $1,704 on a trailing three-month basis as of December, above the $1,462 U.S. average.

Despite a slow pace, employers added some 24,400 jobs in the metro over the three months ending in November. But as a region heavily reliant on tourism, Miami has felt the full weight of job losses in the leisure and hospitality sector, which contracted by 19% and shed 63,300 position in the 12 months ending in November. On a positive note, following the $900 billion federal relief package passed in late December, many Floridians had already started receiving the extra $300 payments for the week ending Jan. 2.

Metro Miami had 35,969 units under construction as of December, with 87% of those aimed at high-income earners. The bulk of the pipeline (71%) is expected to come online through this year. More than $2.2 billion in assets traded in 2020, representing a 19% decline from 2019.

Read the full Matrix Multifamily Miami Report-Winter 2021

About the author

Timea-Erika Papp

Timea Papp is a Senior Associate Editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2017 and has been working in the real estate industry since 2011. Timea's key focus areas include finance pieces for the CPE Capital Markets and MHN Finance & Investment newsletters and metro-focused multifamily market reports for Yardi Matrix.

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