Miami, FL Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Miami's multifamily market absorbed 6,353 units in 2025 while holding stabilized occupancy at 94.1%, a modest 100-basis-point decline year-over-year, even as inventory has expanded 34.3% since 2020. Deliveries totaled 7,704 units for the year, down 21% from 2024, with Downtown Miami accounting for the largest share of both current supply and the 14,761-unit pipeline ahead. Effective rent closed 2025 at $2,667 per unit, up a marginal 0.2% annually, with Class A product reaching $3,031 per unit. Rent durability stands out given the supply volume absorbed over the past five years, underpinned by persistent affordability constraints in the for-sale market and sustained in-migration. Investment activity remained above Miami's 10-year average for the second consecutive year, including a standout Q4 transaction at 1111 Brickell Bay Drive pricing at nearly $1 million per unit. As deliveries continue to moderate, conditions are positioned for occupancy and rent improvement.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Miami Q4 2025 multifamily MarketBeat covers stabilized occupancy, effective rents, net absorption, and investment sales across 16 submarkets to help owners and investors assess South Florida market conditions. To read the full report, click here.