Miami Multifamily Report – February 2025
New supply was steady as advertised rents felt the seasonal pinch.
South Florida’s multifamily market closed 2024 with a measured pace of growth. The average advertised asking rent was down 0.2 percent on a trailing three-month basis, to $2,477, mirroring the national trend. The metro’s average overall occupancy rate in stabilized properties was down 10 basis points year-over-year, to 95.3 percent. However, the Lifestyle figure saw a 10-basis-point uptick, to 95.0 percent.
Miami job growth stood at 2.1 percent as of November, 80 basis points above the U.S. average. The metro added 45,100 net jobs, with education and health services leading gains with 12,100 jobs, followed by leisure and hospitality (10,100 jobs). The metro’s unemployment rate stood at 2.4 percent as of November, 180 basis points below the national figure, according to preliminary data from the Bureau of Labor Statistics. Miami’s $840 million Signature Bridge and highway project is still under construction and completion is scheduled for 2027. The development will also include a 33-acre park beneath Interstate 395.
With 15,249 units, or 4.1 percent of existing stock, delivered in 2024, South Florida outpaced the nation by 110 basis points. Meanwhile, transaction activity remained moderate, with $2.3 billion in assets changing hands. Volume was similar to 2023, but below 2021 and 2022’s record-breaking levels and also behind pre-pandemic totals.
