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MULTIFAMILY INVESTMENT SOUTH FLORIDA TEAM
| SOUTH FLORIDA
Cushman & Wakefield
MIAMI-DADE
MULTIFAMILY MARKET SUMMARY
CONTINUED
SUBMARKET
UNITS
ASKING
RENT
ASKING
RENT PSF
ASKING
RENT
GROWTH
EFFECTIVE
RENT
EFFECTIVE
RENT PSF
EFFECTIVE
RENT
GROWTH
VACANCY
NET
ABSORPTION
DELIVERED
UNITS
Aventura
2,458 $1,585
$1.62
1.0% $1,584
$1.61
1.0% 8.3% 27
-
Bal Harbor/South Beach
9,511
$1,369
$1.97
0.1% $1,352
$1.94
0.2% 7.5% 12
-
Brickell/Downtown
10,182 $1,248
$1.69
1.0% $1,236
$1.68
1.5% 5.0% 89
-
Coconut Grove
2,341
$1,426
$1.95
2.0% $1,207
$1.67
-11.0% 5.8% 22
51
Coral Gables
5,580 $1,913
$2.24
1.7% $1,897
$2.22
1.0% 6.5% 28
-
Hialeah/Miami Lakes
22,135 $1,221
$1.39
0.0% $1,217
$1.38
0.0% 2.2% -11
-
Homestead/South Dade
18,653 $946
$1.09
-0.1% $942
$1.09
-0.1% 3.0% 39
-
Kendall
13,451
$1,492
$1.66
0.4% $1,455
$1.62
0.2% 7.1% 112
417
Miami Gardens/OpaLocka
30,198 $1,007 $1.24
-0.2% $1,003
$1.23
-0.1% 3.3% 17
-
Miami Springs/Doral
17,089 $1,582
$1.70
2.0% $1,531
$1.64
1.2% 4.7% 83
-
North Miami/Beach
17,942 $1,132
$1.42
-0.5% $1,123
$1.41
-0.2% 4.2% 27
-
Outlying Miami-Dade
County
539 $1,342 $1.12
0.0% $993
$0.75
0.0% 2.4% 0
-
Westchester/Tamiami
3,363 $1,250 $1.62
0.1% $1,239
$1.60
0.2% 3.6% -1
-
TOTAL/AVERAGE
153,442 $1,289 $1.52
0.4% $1,261
$1.49
0.1% 4.0% 444
468
• In the first three months of 2017, there were 23 apartment sales totaling $165 million with a
median price of $130,000 per unit or $177 per square foot.
• For a ninth year in a row, average asking and effective rents were at record levels.
• Year-to-date, average asking rents grew by 0.4%. This is below the record 6.6% rent increase
in 2015.
• Vacancies are at record lows. Some submarkets will experience short term vacancy increases
in the coming months with new supply.
• There are 9,863 units forecasted for delivery to market. This represents only 6.4% of the
current inventory in the market.
• Year-to-date net absorption was over 440 units. In 2016 new units outpaced net absorption
by 2,000 units contributing to a slightly higher vacancy rate.
• Last year, median salary income in Miami-Dade increased by +/- 3.2%, one of the biggest
increases since 2006.
• The population has grown by 119,000 in the past five years.
*Data as of March-2017, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding
all condo sales