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Market Report

Miami-Dade Multifamily Investment Forecast

2020 Outlook

Select Submarkets Stand Out With Strong Upside Potential and Healthy Demand

 

 

Renter pool remains full with little relief from the single-family housing market. . Warm weather and tax benefits are attracting more residents to Miami-Dade County from out of state, driving housing demand and powering the apartment sector through 2020. Job growth in the market remains healthy going into the next decade, supported by a maturing tech ecosystem and strong international business ties that beckon young professionals. Land constraints and high construction costs have led to one of the most challenging single-family housing markets in the nation for first-time buyers. The median home price was more than six times higher than the median household income at the end of 2019, contributing to a robust apartment development pipeline as builders work to meet demand. Construction is elevated in some of Miami‚Äôs suburbs including the Coral Gables/South Miami area and West Miami/Doral, neighborhoods that have been undersupplied and contain rapidly growing segments of the population.

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