Miami Multifamily Report – February 2026
The winter months brought some adjustments in South Florida.
South Florida’s multifamily market ended 2025 on a steady trajectory, despite rent growth lacking improvement. The average advertised asking rate was down 0.3 percent, on a trailing three-month basis, to $2,483, mirroring the national trend. The metro’s average overall occupancy rate in stabilized properties was down 30 basis points year-over-year, to 95.2 percent. The Lifestyle rate saw the smallest decline, shrinking just 10 basis points to 95.1 percent.
Miami job growth stood at 1.2 percent as of September, 40 basis points above the U.S. average. The metro added 24,000 net jobs, with education and health services leading gains (9,800 positions), followed by trade, transportation and utilities (7,300 jobs). The metro’s unemployment rate stood at 4.1 percent as of November, 40 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. The 131-acre Miami Freedom Park is now set to open in April this year. Anchor tenants, which will occupy 125,000 square feet, have been signed to the development. The district will eventually include a 25,000-seat stadium and more than 1 million square feet of retail, dining and entertainment.
South Florida developers added 13,749 units in 2025, or 3.5 percent of existing stock, outpacing the nation by 50 basis points. Meanwhile, transaction activity improved, as $3.5 billion in assets changed hands, marking a $1 billion increase from each of the previous two years.
