Miami Multifamily Report – October 2026
Asking rents tread water while deal volume is steady.
The Miami multifamily market maintained balanced fundamentals at the end of the summer season. Average advertised asking rates were up 0.1 percent, on a trailing three-month basis through August, to $2,545, and 10 basis points lower than the U.S. growth rate. Despite a 0.7 percent year-over-year improvement, the latest Yardi Matrix forecast projects Miami rent growth will be -0.3 percent at year-end.
South Florida’s job movement remained negative through June, with the rate down 0.4 percent, against the flat national rate of growth. Education and health services led job gains (11,600), but seven of 10 employment sectors recorded net losses. The area’s unemployment rate stood at 3.7 percent as of July, 40 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. New ramp configurations and traffic patterns were introduced in September 2026 to the GGI interchange reconstruction in northern Miami-Dade County. The Florida Department of Transportation and Florida’s Turnpike Enterprise began work on the $1 billion project in March 2024, with completion scheduled
for the fall of 2031.
With 6,784 units, or 1.7 percent of existing stock, delivered in 2026 through August in South Florida, the area outpaced the nation by 40 basis points. Meanwhile, transaction volume remained substantial—with $2.2 billion in multifamily deals—but marked an 8.4 percent decrease compared to the same period of last year.
