By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Miami-Dade market area is undergoing the most intense construction activity among 90 major markets, adding 18% to existing inventory.
- The city of Miami accounts for 40% of ongoing multifamily construction in the Tri-County area.
- Multifamily asking rent rose 1.5% in the Miami MSA while rents declined in most Sunbelt markets.
Download the July 2025 Southeast Florida Rental Market Report HERE.
Miami-Dade is undergoing the most intense construction activity among 90 major markets, adding 18% to existing inventory.
The Miami market area (mainly covering Miami-Dade County) is undergoing the most intense construction activity among the larget 90 metro areas as of 2025 Q2, with 23,340 units under construction, adding 18% to the existing inventory, according to Cushman and Wakefield. No other metro area matches this level of intensity. Another 9,797 units are under construction in the Fort Lauderdale area, adding 9% to the existing inventory, and another 3,311 units in the Palm Beach area, adding 5% to the existing inventory.
City of Miami accounts for 40% of ongoing multifamily construction activity
Commercial Edge, a real estate software company, reported about 34,000 multifamily units under construction in the Miami market area, Fort Lauderdale market area, and the West Palm Beach/Boca Raton market area, with expected compleetion in 2025 through 2027. Half are expected to be completed in 2025. About 40% of these units are in the city of Miami with 14,000 units under construction. Over 1,000 units each are under construction in Fort Lauderdale, West Palm Beach. Hollywood, Hialeah, and Homestead.
The largest project is 222 Namdar in the city of Miami, with nearly 1,400 units. The owner is Namdar Group, a real estate investment and development firm headquartered in New York.
The second largest and notable project is Flow on the River in the city of Miami, with 632 units. The owner is Flow, a Miami-headquartered company founded by WeWork founder Adam Neumann.
The third largest project is Atlantic Square in the city of Miami, with 616 units. The owner is Atlantic Pacific Companies, a real estate development company headquartered in Boca Raton.
Southeast Florida multifamily and single-family asking rents rose in July 2025
The Miami Metro area continued to post positive multifamily rent growth of 1.5% in July 2025. In the Port St. Lucie Metro area, asking rents rose at a strong pace of 3.5%.
In contrast, multifamily asking rents declined in the Sunbelt markets of Houston (-0.2%), Dallas (-0.2%), Las Vegas (-0.3%), Orlando (-0.7%), San Antonio (-1.7%), Phoenix (-1.9%), Denver (-3.0%), and Austin (-4.3%), according to Zillow.
Asking rents for single-family rentals rose at a stronger pace of 2.1% in the Miami Metro area and 2.4% in the Port St. Lucie Metro area.
More rental than sales transactions since 2023
Residential rental transactions continue to account for an increasing share of total transactions (rental and for-sale) on the MIAMI MLS.
Year-to-date through July 2025, 58% of total rental and for-sale transactions of single-family, condominiums, stock cooperatives, and townhomes transactions on the MIAMI MLS were rental transactions (52% in 2023, 55% in 2024).
Among condominiums, cooperatives, and townhomes only, 69% of transactions were rental transactions.
Among single-family residences, 37% of total rental and sales transactions were rentals. These are the highest shares since 2010 for which rental data is available.
Higher mortgage rates and the new condo laws to ensure building safety that all transpired since 2023 are likely influencing the rise in rental demand versus homebuying demand. In the condominium market, unit owners are likely opting to rent out their units amid weak market conditions. Year-to-date, closed sales were down 15% in Miami-Dade and 16% in Broward. In July 2025, the median condominium/townhome sales price decreased 1.5% year-over-year in Miami-Dade County and 0.8% in Broward County. Condo owners who purchased their units for vacation use could also be renting them out to meet the strong rental demand.
