Matrix Multifamily Miami Report-February 2024 February 09, 2024

South Florida Maintains Equilibrium

Miami rents contracted 0.2 percent in the last quarter of 2023 to $2,384, vs. a 0.3 percent national decrease. Lifestyle rents dropped for the sixth consecutive month. Nonetheless, despite heavy supply additions, occupancy held steady at 95.5 percent as of November, well above the 94.8 percent U.S. rate.