{"id":6097,"date":"2023-07-14T07:01:04","date_gmt":"2023-07-14T07:01:04","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6097"},"modified":"2023-09-12T16:46:31","modified_gmt":"2023-09-12T16:46:31","slug":"miami-multifamily-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-june-2023\/","title":{"rendered":"Miami\u00a0Multifamily Market Report \u2013 June 2023"},"content":{"rendered":"<h2>High Demand Sustains Rental Market<\/h2>\n<p>South Florida\u2019s multifamily market <a href=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-february-2023\/\"><strong>continued to stabilize<\/strong><\/a>, following two fast-paced years. As of April, Miami\u2019s average asking rate posted a consistent 4.5% year-over-year increase, to $2,397, ranking sixth nationally for rent growth. U.S. rates rose only 3.2%, to $1,709. Meanwhile, at 96.0% as of March, the occupancy rate in stabilized properties remained 100 basis points above the national figure, as demand endured in the face of recession fears.<\/p>\n<p><iframe id=\"datawrapper-chart-a6qlh\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/a6qlh\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The unemployment rate in South Florida dropped to 2.2% in March, according to preliminary data from the Bureau of Labor Statistics, leading both the state (2.6%) and the U.S. (3.5%). The job market expanded by 84,800 jobs, or 4.1%, in the 12 months ending in February, with trade, transportation and utilities (19,100 positions) leading gains. Only one sector recorded contractions\u2014mining, logging and construction lost 2,900 jobs. Miami is moving forward with several multibillion-dollar projects that are luring in well-capitalized investors and supporting job growth. A Terra-led group spent $1.2 billion for the largest undeveloped waterfront site in the city\u2019s urban core. In the Wynwood Arts District, an L&amp;L Holding Co. joint venture began work on a 1 million-square-foot campus.<\/p>\n<p><iframe id=\"datawrapper-chart-1BAKS\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/1BAKS\/1\/\" height=\"574\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>With economic growth ebbing across the country, both investment and development activity in Miami decelerated. In the first four months of the year, $516 million in multifamily assets traded, and developers brought 2,732 units online.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4061-MatrixMultifamilyMiamiReport-June2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Miami Report-June 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Demand Sustains Rental Market South Florida\u2019s multifamily market continued to stabilize, following two fast-paced years. As of April, Miami\u2019s average asking rate posted a consistent 4.5% year-over-year increase, to $2,397, ranking sixth nationally for rent growth. U.S. rates rose only 3.2%, to $1,709. Meanwhile, at 96.0% as of March, the occupancy rate in stabilized [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[455,475],"class_list":["post-6097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-miami","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Miami\u00a0Multifamily Market Report \u2013 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"South Florida rents were up 4.5% YoY through April, while U.S. rates rose only 3.2%, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami\u00a0Multifamily Market Report \u2013 June 2023\" \/>\n<meta property=\"og:description\" content=\"South Florida rents were up 4.5% YoY through April, while U.S. rates rose only 3.2%, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-june-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-14T07:01:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T16:46:31+00:00\" \/>\n<meta property=\"og:image\" 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