Market Insights | Spring 2023 | Miami

February 28, 2023

As a growing hub for international and domestic business, paired with the surging influx of capital and robust in-migration, Miami’s multifamily market has shown itself to be one of the strongest in the nation since the pandemic’s onset, a trend that has held firm throughout 2022. Thanks to healthy underlying market fundamental conditions, the 7% annual rent growth witnessed at the end of the third quarter ranks as the fifth highest of any quarter on record, remaining more than 800 basis points higher than the five-year pre-pandemic average. It also ranks first in the U.S., nearly doubling the national average of 3.7%.