Miami Multifamily Real Estate Report – Q1 2025

Market Snapshot for Miami Multifamily Real Estate

We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about the health of the economy overall in Miami / South Florida, as that is the engine that drives the business taking place in the region.

Florida is one of the top states for population growth in the United States, and recently has experienced a population boom. Some estimate that nearly 1,000 people move to the state every day! There are a few important factors that contribute to this: 1) it’s very tax-friendly (no income tax), 2) many people from other states (New York, for example) move to Florida to retire, and 3) it has a great reputation for having desirable weather year-round. This may be the reason for its nickname, The Sunshine State.

View our commercial properties in Florida to see what real estate assets are available for lease / sale.

Before we dive into the specific statistics for Miami’s multifamily real estate market in Q1 2025, let’s give some perspective with the overall capital markets figures to give some context to the region’s multifamily sector.

Miami Multifamily Real Estate Sales Volume by Buyer Type & Origin (Past 12 Months)

Below are the buyer types and their origins, i.e.: local, national, or international investors of multifamily assets in Miami.

Buyer Type:

• Private: 83%

• User: 7%

• Institutional: 1%

• Private Equity: 9%

• REIT / Public: 0%

Buyer Origin:

• Local: 64%

• National: 35%

• Foreign: <1%

Miami Multifamily Real Estate Asset Value by Owner Type & Origin (Past 12 Months)

Below are the owner types and the origins of multifamily property owners in Miami broken down by their percentage of representation.

Owner Type:

• Private: 64%

• User: 12%

• REIT / Public: 5%

• Institutional: 15%

• Private Equity: 4%

Owner Origin:

• Local: 56%

• National: 41%

• Foreign: 3%

Miami Multifamily Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q1 2025

Here’s a summary of the statistical highlights, latest multifamily property transactions, vacancy / lease trends, and current market activity for South Florida, with a focus on Miami. The analysis below is derived and compiled from leasing stats, latest transactions, and projects under construction in order to further understand the overall state of the multifamily market in Miami.

Full List of Top Transactions for Q1 2025 Provided Below

KEY MULTIFAMILY LEASE STATS: Miami (Q1 2025)

• Vacancy: 6.0%

• Absorption (Units): 215

• Average Asking Rent / Unit: $2,434

TOP MULTIFAMILY LEASING STATISTICS: Miami (Past 12 Months)

• 12 Month Deliveries (Units): 9,649

• 12 Month Net Absorption (Units): 7,654

• Vacancy Rate: 6.0%

• 12 Month Rental Growth: 1.5%

TOP MULTIFAMILY SALES STATISTICS: Miami (Past 12 Months)

Over the course of the past 12 months there have been 221 total multifamily property transactions in Miami. The average vacancy at sale was 5.8%. The average price per unit at the time of sale was $302,075, and the average sale price per property was $7.5M.  

• Sales Comparables: 219

• Average Price / Unit: $302,075

• Average Price/ Property: $7.5M

• Average Vacancy at Sale: 5.8%

TOP MULTIFAMILY SALES TRANSACTIONS: Miami (Q1 2025)

Top Transaction Highlight in the last 12 months: The Hamilton for $190M in Q4 2024

1. Pura Vida Apartments (3051 W 16th Ave)
   • Price: $95,000,000
   • Units: 260
   • Price/ Unit: $365,384
   • Year Built: 2022
   • Vacancy: 8.9%
2. Town Aventura (17900 NE 31st Ct)
   • Price: $82,500,000
   • Units: 285
   • Price/ Unit: $289,473
   • Year Built: 1991
   • Vacancy: 8.4%
3. The Upland (445 Hialeah Dr)
   • Price: $80,900,000
   • Units: 304
   • Price/ Unit: $266,118
   • Year Built: 2022
   • Vacancy: 3.0%
4. 850 Living (811 NW 43rd Ave)
   • Price: $72,500,000
   • Units: 230
   • Price/ Unit: $315.217
   • Year Built: 2021
   • Vacancy: 3.5%
5. The Hamilton (555 NE 34th St)
   • Price: $190,000,000
   • Units: 275
   • Price/ Unit: $690,909
   • Year Built: 1984
   • Vacancy: 36.0%

MULTIFAMILY PROPERTY CONSTRUCTION PROJECT STATISTICS: Miami (Past 12 Months)

There are currently 73 multifamily assets / properties under construction in the Miami market representing 26,328 new units into the market. This represents 13.1% of the total multifamily real estate inventory. The average number of units in these 73 properties is 361.   

Below the stats you’ll find the top-5 largest multifamily assets currently under development.

• Properties Currently Under Construction: 73

• Units: 26,328

• Percent of Inventory: 13.1%

• Average Number of Units: 361

MULTIFAMILY CONSTRUCTION PROJECTS: Miami (Past 12 Months)

1. 6300 NE 4th Ave
   • Units: 2,598
   • Stories: 25
   • Completion Date: Q1 2027
   • Developer/ Owner: MCD Miami LLC / Plaza Equity Partners
2. The River District Apartments – 401 SW 3rd Ave
   • Units: 1,600
   • Stories: 54
   • Completion Date: Q2 2025
   • Developer/ Owner: The Chetrit Group / The Chetrit Group
3. Namdar Towers – 222 NE 1st Ave
   • Units: 1,354
   • Stories: 43
   • Completion Date: Q1 2028
   • Developer/ Owner: Namdar Group of Companies / Namdar Group of Companies
4. Centro City – 3830 NW 11th St
   • Units: 1,188
   • Stories: 8
   • Completion Date: Q2 2025
   • Developer/ Owner: Terra Group / Terra Group
5. 3000-3050 Biscayne Blvd
   • Units: 843
   • Stories: 10
   • Completion Date: Q1 2026
   • Developer/ Owner: Crescent Heights / Crescent Heights

Data sources: MMG Equity Partners & CoStar

---