Market Insights | Spring 2024 | Miami

March 4, 2024

Population growth has returned to Miami-Dade County after two years of losses from 2020 through 2021. The Metro has enjoyed an inflow of high-net-worth individuals, which brought in $6.4 billion in new wealth. Former residents of New York, New Jersey, Massachusetts, and California now make up 50% of adjusted gross income flowing into Miami-Dade, with recent license exchange data pointing to a continued inflow of new residents from these states. The influx of high-income households has also driven significant appreciation in home prices, with the Federal Housing Finance Agency’s purchase-only index, showing that Miami home values have increased by 71% since 2019, well above the U.S. average growth of 48% and outpacing the average Florida home price growth of 69%.

After a year of unsustainable double-digit rent hikes, asking rent growth has slowed to 1.6% in the first quarter of 2024, below the five-year historical average growth of 5.5%. Still, rent growth continues to surpass national average gains of 0.5%. Demand saw a healthy rebound in the second half of 2023, totaling over 5,800 units absorbed for the year.