Miami Multifamily Market: Q3 2024 Key Metrics

The multifamily sector in Miami remains resilient, as confirmed by Moody's Analytics Q3 2024 data. Despite broader economic challenges, the city continues to attract residents and investors alike, driven by consistent demand and favorable market fundamentals. Here are the Key Performance Indicators that highlight the sector's performance in the third quarter:

Q3 2024 Market Highlights

1. Effective Rent per Unit

$2,128: Average rent in Miami.

↑ 0.7%: A steady increase from Q2 2024, indicating healthy rental demand.

2. Vacancy Rate

7.2%: A slight decrease of 10 basis points (bps) compared to Q2, showing continued tenant absorption.

3. Household Income Growth

0.5%: On par with the national average, reflecting stable economic conditions locally.

4. Job Growth

0.0%: Flat growth compared to 0.2% nationwide, highlighting a potential area of concern for sustained market expansion.

What This Means for Investors

The steady growth in rental rates and decreasing vacancy rates suggest a strong tenant demand, making Miami an attractive destination for multifamily investments.

Looking Forward

As we approach Q4 2024, South Florida’s multifamily market is expected to maintain its positive trajectory. However, external factors, such as interest rates and job growth, will continue to shape the region’s investment landscape.

Are you considering investing in Miami's multifamily market? Let’s discuss opportunities, ask me about the multifamily we have in Little River!