{"id":6882,"date":"2023-03-10T13:09:00","date_gmt":"2023-03-10T13:09:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6882"},"modified":"2024-02-27T13:24:44","modified_gmt":"2024-02-27T13:24:44","slug":"miami-multifamily-market-report-feb-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-feb-2023\/","title":{"rendered":"Miami Multifamily Market Report \u2013 February 2023"},"content":{"rendered":"<h2>Miami Market Tempers, But Remains Robust<\/h2>\n<p>With substantial investment activity and steady rent gains, South Florida\u2019s multifamily market <a href=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2022\/\"><strong>had a solid run in 2022<\/strong><\/a>. Rents increased 8.1% year-over-year, with the metro ranking fourth nationally for rate improvement. In the last quarter however\u2014as the U.S. economy began to decelerate\u2014rent growth flattened, and the average rate stabilized at $2,356 in December. Meanwhile, U.S. figures contracted by 0.2%, to $1,715.<\/p>\n<p><iframe id=\"datawrapper-chart-W8SMY\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/W8SMY\/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>Metro Miami added 138,900 jobs in the 12 months ending in October, with leisure and hospitality, along with trade, transportation and utilities, accounting for half of the gains. Preliminary Bureau of Labor Statistics data shows that the metro had the lowest unemployment rate among large Florida metros, at 1.5% as of November. Besides the talent shortage, supply-chain issues were also a significant problem for builders, forcing The Florida Department of Transportation to revise the anticipated completion date of the I-395\/SR 836\/I-95 highway improvement project by nearly two years, to 2026.<\/p>\n<p><iframe id=\"datawrapper-chart-VX0y7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/VX0y7\/1\/\" height=\"576\" 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>After hitting record levels in 2021, when 16,887 apartments came online, development activity moderated last year. Only 12,955 units were delivered, accounting for 3.8% of stock. Investors also hit the brakes on deals, as the cost of debt increased. However, investment volume in 2022 totaled $6.6 billion, the second-best year for transaction activity in the metro during the past decade.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3495-MatrixMultifamilyMiamiReport-February2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Miami Report-February 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miami Market Tempers, But Remains Robust With substantial investment activity and steady rent gains, South Florida\u2019s multifamily market had a solid run in 2022. Rents increased 8.1% year-over-year, with the metro ranking fourth nationally for rate improvement. In the last quarter however\u2014as the U.S. economy began to decelerate\u2014rent growth flattened, and the average rate stabilized [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5726,"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-6882","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 Multifamily Market Report \u2013 February 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Although rent growth was flat in Q4 2022, Miami rents improved by 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