Miami-Dade Multifamily Market Report
Metro Fundamentals Return to Pre-Pandemic Level Despite Heightened Delivery Pace
Miami-Dade steadily recalibrates. Apartment demand has surged in the metro in recent months with renters absorbing over 5,100 units during the April through June period of 2021, the strongest leasing quarter in more than 20 years. As a result, the market experienced rent gains and vacancy contraction at pace well above historical averages. Miami-Dade’s apartment fundamentals improved despite the metro’s high unemployment, which sits 500 basis points above its pre-pandemic trough. In the second half, widespread vaccinations will improve tourism, helping restore service jobs cut as a result of the pandemic. Financial incentives from the market’s Follow the Sun campaign are also prompting some companies to relocate, aiding future office job growth. These factors will lead to employment gains above the national average by the end of the year, which should only further bolster apartment performance.