By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
KEY TAKEAWAYS
- Multifamily lending increased 12% in the first half of 2026 to $6.6 billion, with the share of debt funds rising to 35% of total loan originations (22% in 2025).
- Asking rents rose at the fastest pace in prime locations led by West Palm Beach, Coral Gables, Miami Beach, and Parkland.
- Bolstered by strong job growth in professional and finance-related industries, Class A rentals saw strong rent growth while rents fell or were stable in Class B/C rentals.
Download the June 2026 South Florida Residential Rental Market Report HERE.
Multifamily loan originations rose 12% bolstered by rising share of debt funds
Property loan originations rose to $6.6 billion in the first half of 2026, up 12% from the same period in 2025. Institutional investors took up a larger role in multifamily lending. Debt funds took up 35% of South Florida’s multifamily loan originations, up from 22% in the prior year and just 20% in 2019. The debt funds share is at par with the 35% share of banks to loan volume originations.
According to Private Debt Investor which tracks debt funds, the largest debt funds in the United States as of 2025 were Ares Management, HPS Investment Partners, Blackstone, Goldman Sachs, and Apollo Global Management.
In South Florida, the largest debt fund investments since 2019 — each with over $1 billion invested– are by Madison Realty Capital, MF1 Capital, Apollo Global Management, Affinus Capital, Northwestern Mutual, Pinnacle Financial Partners, and Blackstone. The largest debt fund investments in South Florida multifamily properties since 2019 are Flow Fort Lauderdale ($595 million), Bezel Miami World Center ($336 million), Wynwood Plaza Residences ($335 million), and Flow Brickell ($309 million).
Prime locations saw strongest rent growth
Institutional investors are drawn to South Florida’s market where prime locations are seeing strong rental demand and rent growth.
More high-wage job creation and skilled job switchers moving to the area are bolstering the demand for upper-tier rentals. See Miami Ranks No. 1 for Private Employment Growth in Florida – MIAMI REALTORS® + RWorld.
In the Miami market area, 50% of 32 submarkets had the same or higher asking rents than one year ago (42% in May 2026) led by Coral Gables (8.4%), Miami Beach (8.1%), and Miami-Downtown ( 6.9% ).
In the Fort Lauderdale market area, 42% of 24 submarkets saw higher asking rents in June from one year ago (50% in May) led by Parkland (7.7%), Pompano Beach-South (7.1%), and Hollywood (4.1%).
In Palm Beach County, 76% of 17 submarkets had higher asking rents in June from one year ago (59% in May) led by West Palm Beach-Central (+9.4%), Boynton Beach (+3.3%), and West Palm Beach-North (+3.2%).
In St. Lucie County, 75% of 8 submarkets had higher asking rents in June from one year ago (50% in May) led by Hobe Sound (+4.4%), Fort Pierce (0.6%), and Vero Beach (+0.6%).
Strong rent growth in Class A rentals
South Florida’s strong job growth in high-wage industries like professional and business services and financial activities and a resurgence in out-of-state migration is driving demand for upper-tier rentals. More New Yorkers and Californians are Moving to South Florida in 2026 Based on Driver License Exchanges – MIAMI REALTORS® + RWorld
In Miami-Dade County, asking rents rose 0.6% in discretionary (A+/A) rentals and 2.4% in upper mid-range (A-/B+) while asking rents fell 1% in low mid-range housing (B/B-) and were stable in workforce housing (C+/C).
In Broward County, asking rents rose 1.5% in discretionary (A+/A) rentals and increased at a more modest pace of 0.5% in workforce housing (C+/C).
In Palm Beach County, asking rents rose 3.1% in discretionary (A+/A) rentals and 1.8% in upper mid-range (A-/B+) while asking rents fell 0.2% in low mid-range housing (B/B-) and rose at modest pace of 0.6% in workforce housing (C+/C).
In St. Lucie County, asking rents rose 0.6% in discretionary (A+/A) rentals while asking rents fell 3.2% in workforce housing (C+/C).
