Miami-Dade Multifamily Market Report
Low Vacancy Attracts Additional International Capital to South Florida
Miami among tightest apartment markets in the country. A prime destination for renters seeking to avoid stricter lockdowns in Northeastern and West Coast metros, Miami recorded significant vacancy compression last year. Tight conditions are positioned to persist in the near term as the metro attracts more workers, boosting the local population count. The number of well-paid employees on waiting lists from JPMorgan Chase and Goldman Sachs requesting transfers to Florida is at an all-time high. Recent vacancy compression has come without the benefit of international tourism, which should increase this year as travel restrictions ease. Furthermore, an increase in cruise ship calls will spur hiring in the leisure and hospitality sector, which remains roughly 25,000 spots below the pre-recession figure. A return to previous staffing should help pull down one of the state's highest unemployment rates and facilitate renter demand. Finally, supply chain issues have the potential to increase the number of container ships that permanently include Miami as a stop, boosting the trade and transportation sectors and adding to the variety of economic drivers in the market.