South Florida’s Multifamily Sector ‘Finally Shows Signs Of Cooling Off’

In November 2023, South Florida apartment rents saw a slight decline in the third quarter for the first time since the pandemic began. The average monthly asking rent was $2,121, down $5 from the previous quarter. New supply hitting the market has outpaced demand, leading to a 5.4% vacancy rate, a marked increase from the 4.6% vacancy rate seen a year earlier. Investment sales in Miami have fallen back in line with pre-pandemic levels, with sales of Miami apartment buildings totaling $840M through August. The pace of rent growth in the city has nearly flatlined, rising only