As the COVID-19 pandemic has caused record-breaking rental housing growth in South Florida’s multifamily sector, Miami is emerging as one of the tightest apartment markets in the country.
Miami was the ideal destination for renters avoiding strict lockdowns in the Northeast and West Coast, which caused the city’s vacancy rate to decline 270 basis points, according to Marcus and Millichap’s 2022 U.S. Multifamily Investment Forecast Report. By the end of 2022, the vacancy rate is predicted to be at 2.3%, which will be one of the lowest levels in the country.
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