{"id":6989,"date":"2023-11-15T13:07:00","date_gmt":"2023-11-15T13:07:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6989"},"modified":"2024-03-05T13:13:51","modified_gmt":"2024-03-05T13:13:51","slug":"october-2023-miami-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/october-2023-miami-multifamily-market-report\/","title":{"rendered":"Miami Multifamily Market Report \u2013 October 2023"},"content":{"rendered":"<h2>Heavy Supply Ahead In South Florida<\/h2>\n<p>After two years of stellar performance, South Florida\u2019s fundamentals began moderating as the fourth quarter approached. Rent growth tempered, up 2.1% year-over-year as of August, to $2,412. This placed Miami 10th among the nation\u2019s top 30 metros and 60 basis points ahead of the U.S. average. Meanwhile, despite robust supply, occupancy inched down just 40 basis points in the 12 months ending in July, to 95.8%.<\/p>\n<p><iframe id=\"datawrapper-chart-GROSN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/GROSN\/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 continued to display a solid unemployment rate, at 2.6% in July, unchanged from June, according to data from the Bureau of Labor Statistics. Miami outperformed the U.S. (3.5%), Florida (2.7%) and all other major Florida metros. The employment market gained 85,200 jobs in the 12 months ending in June, a 3.2% expansion and <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>40 basis points higher than the national rate<\/strong><\/a>. Mining, logging and construction was the only sector to lose jobs (-3,300). South Florida\u2019s largest sectors led job gains\u2014trade, transportation and utilities (22,600 jobs), professional and business services (18,500) and education and health services (18,400).<\/p>\n<p><iframe id=\"datawrapper-chart-NX9Vs\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/NX9Vs\/1\/\" height=\"417\" 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>Development remained intense, with 45,673 units under construction and 5,868 units delivered in 2023 as of August, despite dwindling construction starts. Similarly, following two exceptional years, investment activity tapered off, down to a volume of just $1.7 billion through August. Furthermore, the price per unit depreciated by 19.0% from December, to $264,053 as of August.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4639-MatrixMultifamilyMiamiReport-October2023\"><strong>October 2023 report<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Heavy Supply Ahead In South Florida After two years of stellar performance, South Florida\u2019s fundamentals began moderating as the fourth quarter approached. Rent growth tempered, up 2.1% year-over-year as of August, to $2,412. This placed Miami 10th among the nation\u2019s top 30 metros and 60 basis points ahead of the U.S. average. Meanwhile, despite robust [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6619,"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-6989","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 October 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth moderated in August to 0.2% on a T3 basis and 2.1% YoY, but occupancy stayed strong at just shy of 96%, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" 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