Miami Multifamily Market Report – February 2025

Market Overview

Miami’s multifamily market entered 2025 with signs of softening after several years of rapid growth. Average rents declined 1.5% year-over-year—one of the steepest drops among major U.S. metros—and occupancy dipped to just under 94%. Elevated supply continues to weigh on performance, with over 21,000 units under construction and a wave of 2023 deliveries still being absorbed. While Class A properties saw the sharpest pullbacks, demand in more affordable segments remains relatively resilient. Despite the cooling, Miami’s fundamentals—driven by in-migration, a dynamic economy, and limited homeownership affordability—point to a strong long-term outlook once the current oversupply is digested.

About Yardi Matrix

Yardi Matrix delivers comprehensive commercial real estate data and analytics, serving institutional investors, developers, and lenders across the U.S. Their multifamily research platform tracks rent performance, occupancy, construction, and ownership down to the asset level—making it a go-to resource for navigating volatile markets like Miami. Reports are updated monthly and leverage both proprietary data and public records to deliver real-time insights and historical benchmarking. With deep coverage across gateway and Sunbelt markets, Yardi Matrix empowers stakeholders to make informed decisions backed by clarity and scale.