{"id":7574,"date":"2024-03-05T12:31:00","date_gmt":"2024-03-05T12:31:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7574"},"modified":"2024-07-22T12:43:47","modified_gmt":"2024-07-22T12:43:47","slug":"miami-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-february-2024\/","title":{"rendered":"Miami Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/miami-multifamily-market-report\/\">Miami Multifamily Market Report<\/a><\/strong><\/p>\n\n\n<hr \/>\n<h2>Rent Gains Ebb As Supply Wave Hits Market<\/h2>\n<p>For South Florida, 2023 was a year of slow growth and moderation. Year-over-year, rents improved by only 0.4%, but this was in line with the deceleration that occurred across the country, with <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>U.S. rates up just 0.3%<\/strong><\/a>, to $1,709. In the shorter term, Miami rates slid 0.2% in the fourth quarter, to $2,384. Meanwhile, demand stood firm in the face of an unprecedented wave of new supply, with occupancy at 95.5% as of November, 70 basis points above the U.S. figure.<\/p>\n<p><iframe id=\"datawrapper-chart-wuzI6\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/wuzI6\/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>Miami unemployment was at a very tight 1.4% as of November, according to preliminary data from the Bureau of Labor Statistics. The metro\u2019s workforce expanded by 2.7%, or 78,500 jobs, in the 12 months ending in October 2023, with trade, transportation and utilities accounting for almost a third of gains. Despite recording the lowest unemployment rate among major Florida metros and outpacing the U.S. (3.7%), two sectors\u2014information and construction\u2014lost 3,600 jobs combined.<\/p>\n<p><iframe id=\"datawrapper-chart-8J4NN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/8J4NN\/1\/\" height=\"423\" 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>A total of 16,194 units came online in South Florida in 2023, following more than 30,000 apartments developers delivered over the previous two years. Construction activity remains high, with another 44,324 units underway as of December. Deals cooled off following two exceptional years for investment, when $15.9 billion in multifamily assets changed hands. Transaction volume in 2023 was only $2.5 billion, but the per-unit average stood some $78,000 above the $185,172 U.S. figure.<\/p>\n<p>Read the full Yardi Matrix Miami Multifamily Market Report: <a href=\"\/Publications\/Download\/File\/5075-MatrixMultifamilyMiamiReport-February2024\"><strong>February 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Gains Ebb As Supply Wave Hits Market For South Florida, 2023 was a year of slow growth and moderation. Year-over-year, rents improved by only 0.4%, but this was in line with the deceleration that occurred across the country, with U.S. rates up just 0.3%, to $1,709. In the shorter term, Miami rates slid 0.2% [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[455,511],"class_list":["post-7574","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-2024"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Miami rents contracted 0.2% in the last quarter of 2023, vs. a 0.3% national decrease, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" 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