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Category: Apartments, Multifamily Tags: Apartments, market report, Miami, Multifamily

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Miami reigns as a destination hotspot for domestic and international travelers. Despite the market taking a significant hit at the onset of the pandemic, Miami is recovering as travelers return to vacationing. The Miami-Dade County is one of the ten largest in the U.S. by population. Employment is well above the pre-pandemic peak in the professional and business services and financial activities sectors. Firms such as Blackstone, Microsoft, CI Financial, and Millennium Management are building out sizable hubs in Miami, contributing to job growth and apartment demand. Surging apartment demand has contributed to the market’s swift recovery, with nearly 9,800 units absorbed in the last 12 months. With improving market conditions, multifamily owners are able to raise rents at a brisk pace, with 12-month rent growth at 18.9 percent, well above the national average and the market’s pre-pandemic annual trend. Miami shows no signs of slowing down after achieving a new record level of sales in 2021 for a total of $4 billion.

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