WeaveReport South Florida Multifamily Forecast

MIAMI-DADE MULTIFAMILY MARKET SUMMARY* CONTINUED

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

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY NET ABSORPTION

SUBMARKET

UNITS

ASKING RENT

2,157

$2,565

$2.47

37.2%

2.3% 48

-

958

Aventura

Bal Harbor/ Miami Beach

8,661

$1,551

$2.25

7.9%

5.2% 90

-

466

16,707 $1,917

$2.47

17.9%

3.7% 472

24

8,305

Brickell/Downtown

2,201

$2,213

$2.68

20.0%

3.5% 155

-

400

Coconut Grove

8,962

$2,654

$3.11

25.3%

7.9% 895

807

1,075

Coral Gables

19,114 $1,558

$1.80

9.8%

0.7% 716

140

2,505

Hialeah/Miami Lakes

Homestead/ South Dade

7,651

$1,640

$1.83

17.2%

2.3% 639

220

1,580

12,792 $1,970

$2.17

19.0%

1.5% 529

16

946

Kendall

Miami Gardens/ Opa Locka

17,273 $1,600

$1.93

13.2%

3.4% 1,313

825

851

18,797 $2,258

$2.41

22.8%

2.3% 1,540

230

639

Miami Springs/Doral

North Miami/ North Miami Beach Outlying Miami-Dade County

17,532

$1,699

$2.09

15.9%

5.2% 870

597

297

718

$2,208

$1.91

19.6%

0.9% 81

-

0

2,603

$1,527

$2.04

10.8%

0.7% 67

-

136

Westchester/Tamiami

TOTAL/AVERAGE 135,168 $2,006

$2.31

17.4%

3.2% 7,415

2,859

18,158

• For 2021 there were 294 apartment sales totaling $3.99 billion with an average price of $278,342 per unit or $252 per square foot. This is the highest sale activity ever recorded in Miami-Dade.

• Average rents increased by 19.7% in 2021. • Average effective rents are at a record $1,997. • Coral Gables has the highest average rent of $2,654.

• In 2021, vacancies decreased from 6.7% to 3.2%. The lowest vacancy levels in over ten years. • Highest vacancy rate is in Coral Gables - 7.9%. This will be short lived as new supply get absorbed. • Lowest vacancy rate is in Hialeah/Miami Lakes – less than 1%.

• There are 68 buildings totaling 18,158 units under construction. This represents 13.4% of the current inventory in the market. • 46% of the under construction units are in Downtown/Brickell submarket.

• For 2021 net absorption was 7,415 units. Newly completed units totaled 2,859 units resulting in the vacancy decrease. • Doral/Miami Springs and Miami Gardens had the highest net absorption.

• 3.7% unemployment rate. • In 2021 median salary income increased by 3.4%. • $471,778 median house price.

• In the past 10 years population in Miami-Dade increased by 205,332 or 8.2%. • In the next 10 years, population is projected to increase by 162,577 in Miami-Dade.

*Data as of Jan-2022, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar

7