South Florida Shows Its Strength
Miami’s multifamily performance remained consistent in the face of economic hurdles, striking a balance across fundamentals, according to the latest Yardi Matrix Miami multifamily market report. 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%, as of July. However, the Lifestyle figure saw a 20-basis-point uptick, to 95.3%.
Employment gains in Miami stood at 2.4% 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, according to the national multifamily report. Education and health services led gains with 18,600 positions. The area’s unemployment figure stood at 3.1% 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% 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.
Read the full Yardi Matrix Miami Multifamily Market Report: October 2024
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