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 Q4 2024, 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: 60%
User: 3%
Institutional: 36%
Private Equity: <1%
REIT / Public: 0%
Buyer Origin:
Local: 70%
National: 27%
Foreign: 3%
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: 72%
User: 10%
REIT / Public: 4%
Institutional: 11%
Private Equity: 3%
Owner Origin:
Local: 56%
National: 41%
Foreign: 3%
Miami Multifamily Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q4 2024
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 Q4 2024 Provided Below
KEY MULTIFAMILY LEASE STATS: Miami (Q4 2024)
- Vacancy: 6.2%
- Absorption (Units): 958
- Average Asking Rent / Unit: $2,411
TOP MULTIFAMILY LEASING STATISTICS: Miami (Past 12 Months)
12 Month Deliveries (Units): 9,608
12 Month Net Absorption (Units): 7,510
Vancancy Rate: 6.2%
12 Month Rental Growth: 1.9%
TOP MULTIFAMILY SALES STATISTICS: Miami (Past 12 Months)
Over the course of the past 12 months there have been 213 total multifamily property transactions in Miami with an average vacancy at sale of a little over 5% for the properties. The average price per unit at the time of sale was $301K, and the average sale per property was $6.6M.
Sales Comparables: 213
Average Price / Unit: $301,000
Average Price/ Property: $6.6M
Average Vacancy at Sale: 5.5%
TOP MULTIFAMILY SALES TRANSACTIONS: Miami (Q4 2024)
Top Transaction Highlight in the last 12 months: Casero Apartments for $156M in Q3 2023
1. The Hamilton (555 NE 34th St)
Price: $190,000,000
Units: 275
Price/ Unit: $690,909
Year Built: 1984
Vacancy: 36.0%
2. The Point At Lakeside (11481 41st St)
Price: $139,250,000
Units: 352
Price/ Unit: $395,596
Year Built: 2013
Vacancy: 4.0%
3. Palmera (8400 NW 102nd Ave)
Price: $134,028,285
Units: 440
Price/ Unit: $304,609
Year Built: 2020
Vacancy: 8.2%
4. Pura Vida Apartments (3051 W 16th Ave)
Price: $95,000,000
Units: 260
Price/ Unit: $365,384
Year Built: 2022
Vacancy: 8.9%
5. Town Aventura (17900 NE 31st Ct)
Price: $82,500,000
Units: 285
Price/ Unit: $289,473
Year Built: 1991
Vacancy: 6.7%
MULTIFAMILY PROPERTY CONSTRUCTION PROJECT STATISTICS: Miami (Past 12 Months)
There are currently 75 multifamily assets / properties under construction in the Miami market representing over 29,000 new units into the market. This represents 14.5% of the total multifamily real estate inventory. The average number of units in these 75 properties is 389.
Below the stats you’ll find the top-5 largest multifamily assets currently under development.
Properties Currently Under Construction: 75
Units: 29,149
Percent of Inventory: 14.5%
Average Number of Units: 389
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. Upland Park Residential – 0 NW 25th St
Units: 2,000
Stories: 3
Completion Date: Q1 2026
Developer/ Owner: The Terra Group
3. The River District Apartments – 401 SW 3rd Ave
Units: 1,600
Stories: 54
Completion Date: Q2 2025
Developer/ Owner: The Chetrit Group
4. Namdar Towers – 222 NE 1st Ave
Units: 1,354
Stories: 43
Completion Date: Q1 2028
Developer/ Owner: Namdar Group of Companies
5. Centro – 3830 NW 11th St
Units: 1,188
Stories: 8
Completion Date: Q 2025
Developer/ Owner: Terra Group / Not Listed
Data sources: MMG Equity Partners & CoStar
Leave a Reply