Miami-Dade Multifamily Market
Vacancy Stays at Historic Low, Preceding
the Largest Supply Wave On Record
The need for housing is imminent. Following a year when over 17,500 units were absorbed on a net basis, it has never been harder for residents to find a vacant apartment in Miami-Dade. Availability was at 1.5 percent entering the second quarter, ranking the third lowest among all major United States markets. Leasing activity is widespread, with net absorption in both the urban core and suburban submarkets more than doubling previous annual record totals. Demand should remain strong, in part because of high for-sale housing prices that encourage renting. The metro is experiencing its largest supply wave in more than two decades, but apartment demand is expected to remain near record levels, stimulating a pace of rent growth that leads all major metros nationally this year.