{"id":8521,"date":"2024-10-30T08:59:00","date_gmt":"2024-10-30T08:59:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8521"},"modified":"2025-03-18T09:11:06","modified_gmt":"2025-03-18T09:11:06","slug":"miami-multifamily-market-report-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/","title":{"rendered":"Miami Multifamily Market Report \u2013 October 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>South Florida Shows Its Strength<\/h2>\n<p>Miami\u2019s multifamily performance remained consistent in the face of economic hurdles, striking a balance across fundamentals, according to the latest Yardi Matrix Miami multifamily market report. Average advertised asking rents stayed flat on a trailing three-month basis, at $2,449, while the U.S. rate was up 10 basis points, to $1,741. The metro\u2019s average overall occupancy rate in stabilized properties was unchanged year-over-year, at 95.5%, as of July. However, the Lifestyle figure saw a 20-basis-point uptick, to 95.3%.<\/p>\n<p><iframe id=\"datawrapper-chart-wjb85\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/wjb85\/1\/\" height=\"328\" 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 gains in Miami stood at 2.4% in the 12 months ending in June, the equivalent of 67,600 net jobs. The metro\u2019s growth rate was nearly double the U.S. 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 18,600 positions. The area\u2019s unemployment figure stood at 3.1% as of August, 110 basis points below the U.S. rate, according to preliminary data from the Bureau of Labor Statistics. Citadel is bringing 1.3 million square feet of office space to downtown Miami, with the first phase currently in the planning stage. The $650 million project is slated for delivery in 2030.<\/p>\n<p><iframe id=\"datawrapper-chart-GSe1n\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Miami Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/GSe1n\/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>With 8,873 units, or 2.4% of existing stock, delivered in 2024 through August in South Florida, the area outpaced the nation by 70 basis points. Meanwhile, transaction activity remains moderate, with $1.3 billion in assets changing hands, far from the metro\u2019s historic 2021 and 2022 totals.<\/p>\n<p>Read the full Yardi Matrix Miami Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6360-MatrixMultifamilyMiamiReport-October2024\" rel=\"\"><strong>October 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>South Florida Shows Its Strength Miami\u2019s multifamily performance remained consistent in the face of economic hurdles, striking a balance across fundamentals, according to the latest Yardi Matrix Miami multifamily market report. Average advertised asking rents stayed flat on a trailing three-month basis, at $2,449, while the U.S. rate was up 10 basis points, to $1,741. [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7993,"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-8521","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 October 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average, 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-october-2024\/\" \/>\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 October 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-30T08:59:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T09:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.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 October 2024 - Yardi Matrix Blog","description":"Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average, Yardi Matrix reports.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/","og_locale":"en_US","og_type":"article","og_title":"Miami Multifamily Market Report \u2013 October 2024","og_description":"Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average, Yardi Matrix reports.","og_url":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-10-30T08:59:00+00:00","article_modified_time":"2025-03-18T09:11:06+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","type":"image\/jpeg"}],"author":"Adina Rogoz","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Madalina Pojoga","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/"},"author":{"name":"Adina Rogoz","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8"},"headline":"Miami Multifamily Market Report \u2013 October 2024","datePublished":"2024-10-30T08:59:00+00:00","dateModified":"2025-03-18T09:11:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/"},"wordCount":234,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","keywords":["Miami","Multifamily Outlook 2024"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/","url":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/","name":"Miami Multifamily Market Report \u2013 October 2024 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","datePublished":"2024-10-30T08:59:00+00:00","dateModified":"2025-03-18T09:11:06+00:00","description":"Advertised asking rents in South Florida remained flat on a T3 basis, at $2,449, 10 bps below the national average, Yardi Matrix reports.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","width":1200,"height":628,"caption":"Photo by Bilanol\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/miami-multifamily-market-report-october-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Miami Multifamily Market Report \u2013 October 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/1e376ba4add70694b922380ddbe946d8","name":"Adina Rogoz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7708bca9e09cc5676d0f96a14b833143f233709c6888184035d1e1f75c05fabb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7708bca9e09cc5676d0f96a14b833143f233709c6888184035d1e1f75c05fabb?s=96&d=mm&r=g","caption":"Adina Rogoz"},"description":"Adina Rogoz is a Senior Associate Editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2016 and is writing real estate related news, blog articles, reports and Q&amp;As. \ud83d\udce7 You can reach out to her at adina.rogoz@cpe-mhn.com","url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Matrix-Multifamily-Metro-October-2024-Miami.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/436"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=8521"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8521\/revisions"}],"predecessor-version":[{"id":8525,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8521\/revisions\/8525"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7993"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=8521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=8521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=8521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}