By Gay Cororaton, Chief Economist, MIAMI Realtors®
Key Takeaways
- 35,000 multifamily units expected to be delivered in the Miami-Fort Lauderdale-Palm Beach market area in 2025-2026.
- 40% of new multifamily units are in Miami with a New York-based company and WeWork founder leading the largest development projects.
- Condo rents in buildings built after 2010 are rising but are declining in older units, likely due to concessions and tenant preference for newer amenities and bigger living spaces.
Download the August 2025 Southeast Florida Residential Rental Report HERE.
35,000 multifamily units or 15% of current stock is expected to delivered in 2025-2027
Over 35,000 multifamily units are expected to be delivered in 2025 -2027 in the Miami-Fort Lauderdale-West Palm Beach/Boca Raton Market Area, according to MIAMI Realtors analysis of Commercial Edge property-level data.The robust construction indicates strong investor confidence in Southeast Florida’s long-term economic and multifamily outlook.
The 35,000 units under construction will add 15% to the existing stock of rental housing in buildings 50 units, currently at 241,900 units in Miami-Dade (154,051) , Broward (57,084), and Palm Beach (30,765) according to MIAMI Realtors analysis of US Census Bureau housing estimates.
The strong investments in the multifamily market is indicative of the long-term confidence of investors and developers in the Southeast Florida market, underpinned the area’s strong job growth, particularly in professional and health services.[1]
New-York based company and former WeWork founder are leading the largest developments
About 4 in 10 units are being built in the Miami market area.The biggest project expected to be delivered in 2025 is 222 Namdar by the New-York based Namdar Group, with 1,394 units (222 Miami — Namdar Group )
The second biggest project expected to be completed in 2025 is the 632-unit Flow Brickell by Flow Miami, a Miami-headquartered company of Adam Neumann, founder of WeWork (Flow Brickell | Waterfront Apartments in Miami Near Brickell Center)
The third biggest project is Atlantic Square, with 616 units, by the Atlantic Pacific Companies, which is heavily invested in Florida, Mid-Atlantic states, and California (Atlantic Square | Downtown Miami Apartments for Rent)
Condominium rent per square foot rise in buildings built after 2010 in Miami-Dade County
Rentals of condominiums account for a large share of multifamily rentals in Southeast Florida and have outpaced condo sales since 2023. Among transactions on the MIAMI MLS, there were 19,660 rentals of condominium units from January-August 2025 compared to 8,300 sales.Condo rentals accounted for 70% of total sales and rental transactions for condos on the MIAMI MLS from 55% in prior years.
The monthly median 2-bedroom condominium rent per square foot of living area in Miami-Dade County has been stable at $3 per square foot (PSF) since 2023, based on condominium rentals that closed on the MIAMI MLS in the month of August. The rent PSF has increased since 2019 ($2.1 in August 2019) but has climbed down since surging in 2022 ($3.3 in August 2022).
The monthly median rent PSF of living area for 2-bedroom condominium units built after 2010 rose in August from one year ago, but slightly fell for older units built from 1980 to 2009. This could be from more move-outs in older buildings due to concessions offered in newer buildings and tenant preference for newer units with their amenities and which tend to offer more living space. The median living area for a rented 2-bedroom condominium unit that was built in 2020 or later was 1,237 sq. ft. compared to less than 1,100 sq. ft. for units built before 2000.
By city, Bal Harbour has the highest rent PSF of living area at $7.4, while North Miami has the lowest rent PSF at $1.8 PSF. In the city of Miami, the rent PSF on a 2-bedroom unit was stable at $3.3. In Miami Beach, the rent PSF rose to $3.7 PSF as of August 2025.
[1] Miami-Dade: Ranked No. 1 in the U.S. in Jobs Growth – MIAMI REALTORS®
