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Market Report

Miami-Dade Multifamily Market

2Q 2023

Expanding Population and Diversifying Economy
Support a Record Supply Wave

Resilient labor market aids metro conditions. As of March, the unemployment rate in Miami stood at just 1.9 percent, the lowest figure among all major U.S. markets. A resurgence in domestic leisure travel to Southeast Florida spearheaded hiring in the leisure and hospitality sector, while continued corporate headquarter relocations, alongside expansions from firms like Kaseya and LeverX, helped bolster job gains in the professional and business services sector. Although economic uncertainty has moderated renter demand nationally in recent months, the strength and diversity of Miami’s local economy has helped limit vacancy increases across all property tiers. In fact, the metro recorded one of the nation’s lowest Class A vacancy rates among major markets in the first quarter at 4.8 percent, and overall availability was equal to the 2019 rate entering April.

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