Miami Multifamily Report – October 2024
South Florida is outpacing the national average for most major metrics.
Miami’s multifamily performance remained consistent in the face of economic hurdles, striking a balance across fundamentals. 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’s average overall occupancy rate in stabilized properties was unchanged year-over-year, at 95.5 percent, as of July. However, the Lifestyle figure saw a 20-basis-point uptick, to 95.3 percent.
Employment gains in Miami stood at 2.4 percent in the 12 months ending in June, the equivalent of 67,600 net jobs. The metro’s growth rate was nearly double the U.S. average. Education and health services led gains with 18,600 positions. The area’s unemployment figure stood at 3.1 percent 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.
With 8,873 units, or 2.4 percent 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’s historic 2021 and 2022 totals.
