South Florida, FL Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

South Florida's multifamily sector showed resilient performance across most metrics in Q1 2026, with vacancy holding steady at 6.5%, well below national averages, while asking rents rose to $2,289 per unit and cap rates on sales declined notably to 6.01% from 6.47% the prior quarter. Twelve-month absorption eased to 14,993 units while units under construction declined to 50,299 from 52,545 a year earlier, and continued uncertainty surrounding global geopolitical activity along with higher fuel prices is expected to temper growth somewhat. Still, South Florida remains one of the most desirable markets in the world, with companies continuing to relocate to the region drawn by a favorable business climate and lower taxes, sustaining job growth and multifamily demand.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 South Florida multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.