Miami-Dade Multifamily Market
Report

Income discrepancy underpins demand for cost-friendly housing. Robust rent growth since the onset of the pandemic has elevated Miami-Dade’s average effective rent above $2,500 per month, ranking among the top 10 most expensive major markets in the nation. This rapid rise has created concerns over housing affordability, as the local median household income was at least 15 percent below the national benchmark in June and the second lowest among all major U.S. metros. Although a strong influx of businesses have created diversity in the economy in recent years, roughly 36 percent of the labor force still remains in leisure and hospitality, as well as the trade, transportation and utilities sectors — industries that historically garner relatively lower wages. As a result, there is vigorous demand for workforce housing metrowide. Vacancy in the Class C segment was at 1.6 percent in the second quarter, while the rate in Class A and Class B apartments registered at 5.2 and 5.4 percent, respectively.