WeaveReport South Florida Multifamily

MIAMI-DADE MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

NET ABSORPTION

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY

SUBMARKET

UNITS

2,155

$2,617

$2.53

0.9%

4.6%

-36

-

1,273

Aventura

Bal Harbor/ Miami Beach

10,022

$1,987

$2.77

6.0%

5.3%

-82

-

1,143

21,793

$2,380

$3.02

6.4%

6.3%

926

1,210

9,396

Brickell/Downtown

2,191

$2,385

$2.92

5.3%

2.8%

-3

-

400

Coconut Grove

8,947

$2,869

$3.37

6.7%

5.1%

41

26

1,133

Coral Gables

20,444 $1,800

$2.08

10.4%

1.8%

605

843

2,426

Hialeah/Miami Lakes

8,651

$1,886

$2.08

11.5%

7.6%

355

792

2,348

Homestead/S. Dade

14,193

$2,194

$2.43

7.7%

5.5%

933

1,420

921

Kendall

Miami Gardens/ Opa-Locka

18,693

$1,743

$2.12

6.9%

4.1%

510

770

1,270

19,715

$2,428

$2.59

6.4%

4.4%

198

601

1,777

Miami Springs/Doral

North Miami/ North Miami Beach Outlying Miami-Dade County

17,732

$1,881

$2.30

6.5%

5.7%

176

446

1,647

718

$2,332

$2.15

1.6%

2.0%

1

-

0

2,620

$1,745

$2.34

6.4%

0.7%

7

-

0

Westchester/Tamiami

TOTAL/AVERAGE

147,874

$2,213

$2.54

6.8%

4.7% 3,631

6,108

23,734

• In 2022 there were 330 apartment sales totaling $3.98 billion with an average price of $350,874 per unit or $340 per square foot. • This was the second highest year ever for sales in Miami-Dade. • A recent RentCafe report found Miami-Dade was the “most competitive” apartment market of 2022. An average of 32 renters vied for each available unit. • Miami-Dade lead the country in rent growth in 2022. Effective rents increased by 6.6%. • Average effective rents are at a record $2,200. • Coral Gables has the highest average rent of $2,869. Hialeah and Homestead submarkets witnessed rent increases in excess of 10%. • After decreasing to records lows in 2021, vacancies increased from 3.2% to 4.7% in 2022. • Homestead/South Dade has highest vacancy of 7.6% in Miami-Dade. • Hialeah/Miami Lakes has the lowest vacancy of 1.8%, this is despite having the third highest completions in Miami Dade. • There are 84 buildings totaling 23,734 units under construction. This represents 16.1% of the current inventory in the market. • 9,396 of the under construction units are in Downtown/Brickell submarket. • New deliveries outpaced net absorption by almost 2,500 units which resulted in the higher vacancies in 2022. • After 9,457 net absorbed units in 2021, net absorption in 2022 reverted to the norm. • New deliveries are likely to outpace net absorption which may contribute to short-term higher vacancies in specific submarkets. • Kendall, Brickell/Downtown and Hialeah/Miami Lakes had the highest 2022 net absorption levels.

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2022 2021

2,774,853 2,753,416

0.8% 0.7% 0.6%

1.50% 5.27% 7.50%

$60,933 $59,044 $57,718

3.2% 2.3% 3.6%

$594,646 $514,897 $427,159

15.5% 20.5% 10.3%

2020 2,734,975

*Data as of Jan-2023, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar, BLS

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