The rise of high-density living and soaring rent rates in Miami

• The Miami skyline is evolving every year, with cranes towering over the city and exciting new projects announced weekly. These large-scale developments are in response to developers’ and investors’ growing demand to capitalize on redevelopment opportunities and create modern, amenity-rich residential properties within a dynamic urban environment. Additionally, demographic trends, such as positive net migration and employment growth, signal the demand for more multifamily housing initiatives.
• Miami's apartment landscape has historically been characterized by towering structures comprising 300 units or more. In 2021 and 2022, we observed a downturn in this segment of the market; however, 2023 witnessed the delivery of over 5,300 units in buildings with over 300 units, reflecting a remarkable 107% year-over-year increase in annual deliveries of large apartment buildings.
• The average monthly rent for multifamily units in Miami-Dade County stands at $2,195, while in newly constructed urban towers boasting rich amenities, the average monthly rent jumps to $2,920.

February 28, 2024

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