Miami, FL Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Miami's multifamily market delivered its strongest quarterly absorption since Q3 2021 in Q1 2026, with 2,195 units absorbed despite continued elevated supply. Total inventory reached 127,519 units following 1,956 deliveries during the quarter, up 53.5% year-over-year, as inventory has grown approximately 41.1% since 2020. The construction pipeline totaled 13,742 units, with Downtown Miami accounting for the largest share at 30.7% of activity and approximately 4,200 units. Notably, quarterly deliveries were down 46.2% from the Q4 2024 peak, a trend expected to support vacancy recovery going forward. Stabilized occupancy held at 94.2%, up 10 basis points from the prior quarter, with Downtown Miami (733 units) and Homestead/South Dade leading absorption. South Beach maintained the tightest occupancy in the metro at 99.3%, while Coral Gables ($3,612) and South Beach ($4,221) commanded the highest rents. Overall effective rents averaged $2,641 per unit, down just 1.0% year-over-year, with Class A averaging $2,989 and Class B averaging $2,550. On the investment side, transaction activity carried momentum into Q1 with over $73 million in deals and average pricing of nearly $398,000 per unit, the highest since the overall market peak in late 2024.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Miami Multifamily MarketBeat report tracks occupancy, absorption, effective rents, deliveries, and construction activity across 16 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.