{"id":7990,"date":"2024-07-19T10:46:00","date_gmt":"2024-07-19T10:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7990"},"modified":"2024-11-07T11:01:02","modified_gmt":"2024-11-07T11:01:02","slug":"miami-multifamily-market-report-february-2024-2","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-february-2024-2\/","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 Movement Remains Consistent<\/h2>\n<p>South Florida\u2019s strong fundamentals drove its performance following the first quarter of 2024, according to the latest Yardi Matrix Miami multifamily market report. Rents increased 0.2% on a T3 basis, to $2,427, marking the fourth consecutive month of positive growth. The average overall occupancy rate in stabilized properties decreased by 40 basis points year-over-year, but still stood above the nation\u2019s 95.4%. Of the two quality segments, Renter-by-Necessity occupancy figures posted a steeper, 60-basis-point decline.<\/p>\n<p><iframe id=\"datawrapper-chart-KYTi7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/KYTi7\/1\/\" height=\"321\" 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>Employment growth in Miami expanded 2.6% year-over-year as of February, the equivalent of 58,500 net jobs. The metro\u2019s rate of growth was 110 basis points above the national average, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily report<\/strong><\/a>. Education and health services led gains with 17,700 jobs. The area\u2019s unemployment rate stood at 2.7% as of March, 110 basis points below the U.S. figure, according to the Bureau of Labor Statistics. Miami\u2019s economy is set to receive another boost from its tourism sector, as MSC\u2019s $450 million PortMiami nears completion. The new port is being hailed as the world\u2019s largest cruise terminal.<\/p>\n<p><iframe id=\"datawrapper-chart-hXqJ1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/hXqJ1\/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>With 2,782 units or 0.8% of existing stock delivered through April in Miami, the metro outpaced the nation by 20 basis points. Meanwhile, transaction volume remains limited, with only $352 million in assets changing hands, as high interest rates are making investors more cautious.<\/p>\n<p>Read the full Yardi Matrix Miami Multifamily Market Report: <a href=\"\/Publications\/Download\/File\/5792-MatrixMultifamilyMiamiReport-June2024\" rel=\"\"><strong>June 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Movement Remains Consistent South Florida\u2019s strong fundamentals drove its performance following the first quarter of 2024, according to the latest Yardi Matrix Miami multifamily market report. Rents increased 0.2% on a T3 basis, to $2,427, marking the fourth consecutive month of positive growth. The average overall occupancy rate in stabilized properties decreased by 40 [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7577,"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-7990","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=\"South Florida\u2019s advertised rents rose for the fourth consecutive month, up 0.2% on a T3 basis through April to $2,427, Yardi Matrix reports.\" \/>\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-february-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami Multifamily Market Report \u2013 February 2024\" \/>\n<meta property=\"og:description\" content=\"South Florida\u2019s advertised rents rose for the fourth consecutive month, up 0.2% on a T3 basis through April to $2,427, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-february-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-19T10:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T11:01:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Miami-iStock-2155528181.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Miami Multifamily Market Report \u2013 February 2024 - 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