By MIAMI REALTORS + RWorld Chief Economist Gay Cororaton
- As of April 2026, roughly 37,200 units are under construction in South Florida, of which 38% of total units are in Fully Affordable buildings (all residents must meet income criteria) or in Partially Affordable Buildings (some residents need to meet an income criteria).
- Miami-Dade County accounts for 55% of units in Fully Affordable buildings.
- The largest Fully Affordable construction projects underway are in Miami, Homestead, Pembroke Pines, Sunrise, and Lake Worth Beach.
Download the April 2026 South Florida Residential Rental Report HERE.
The Live Local Act (LLA) passed in 2023 contained a variety of tax incentives (e.g., property tax exemptions), state-mandated land use entitlements (e.g., mixed-use, density, height, parking ratios), and strategic initiatives (e.g. funding for the State Apartment Incentive Loan, Hometown Heroes) to encourage the production of affordable housing.
MIAMI Realtors® + RWorld estimates that the income needed to afford a single-family home in Miami-Dade County is roughly $180,000, while a 2-earner household earning average weekly wages roughly earns $120,000. More households earning over $100,000 are renting. According to MIAMI Realtors® analysis of the 2024 US Census Bureau American Community Survey, 24% of all households in South Florida’s five counties with at least $100,000 in income were renter households, up from just 18% in 2019.
As of April 2026, Yardi Matrix reported 37,237 units under construction in multifamily buildings with 50 units or more, of which 6,646 units are in fully Affordable buildings (buildings with government financial support where residents meet an income criteria). Another 7,507 units are in buildings that are Partially Affordable (mix of market-rate and Affordable).
Miami Market Area: 41% of units under construction in Fully Affordable or Partially Affordable buildings
In the Miami Market Area (encompasses most of Miami-Dade County),18,411 units are under construction, adding 9.5% to inventory. The submarkets with the most construction (market-rate and Affordable) are Downtown Miami (2,034 units), Homestead (2,080), Hialeah (2,031), Liberty City (1,640), Doral (1,333), and Edgewater (1,264).
Of units under construction, 4,803 units under construction are in Fully Affordable buildings and 2,665 are in Partially Affordable buildings, or 41% of units under construction.
The largest Fully Affordable projects underway are the 408-unit building Liberty Square Oasis in Miami by The Related Group and the 342-unit building NoMi Square in Miami by Integra Investments.
The largest Partially Affordable projects underway are the 578-unit Upland Park building in Miami by the Terra Group and the 576-unit Ambar Station in Homestead by Vestcor Companies.
Fort Lauderdale Market Area : 43% of units under construction in Fully Affordable or Partially Affordable buildings
In the Fort Lauderdale Market Area (encompasses most of Broward County), 9,856 units are under construction, adding 7.6% to the current inventory. The submarkets with the most construction (market-rate and Affordable) are in Fort Lauderdale-Central (3,313 units), Davie (1,489), and Hollywood (1,272).
There are 1,014 units that are in Fully Affordable buildings and 3,184 units in Partially Affordable buildings, or 43% of units under construction.
The largest Fully Affordable projects under construction are the 410-unit Douglas Garden Residences in Pembroke Pines by McDowell Properties and the 120-unit Pine Island Park in Sunrise by Centennial Management.
The largest Partially Affordable projects under construction are the 502-unit The Arcadian in Fort Lauderdale by the Fuse Group and the 398-unit Parks at Hallandale by 13th Floor Investments.
West Palm Beach-Boca Raton Market Area: 41% of units under construction in Fully Affordable or Partially Affordable buildings
In the West Palm Beach-Boca Raton Market Area (encompasses most of Palm Beach County), 5,999 units are under construction, adding 7.2% to the current inventory. The submarkets with the most construction (market-rate and Affordable) are West Palm Beach-North (882 units), Boynton Beach (796), and West Palm Beach-Central (647).
There are 829 units that are in Fully Affordable buildings and 1,658 units in Partially Affordable buildings, or 43% of units under construction.
The largest Fully Affordable projects under construction are the 195-unit Residences at Lake Worth in Lake Worth Beach by the Richman Group and the 182-unit Madison Terraces in Lake Worth Beach by American Residential Communities.
The largest Partially Affordable projects under construction are the 358-unit The Sound in West Palm Beach by Flagler Realty and the 270-unit The Spruce in West Palm Beach by Affiliated Development.
Port St. Lucie Market Area: all market-rate units
In the Port St. Lucie Market Area, 2,971 units are under construction, adding 13.2% to the current inventory. All units under construction are market-rate. The submarkets with the most units under construction are Fort Pierce (1,262) and Port St. Lucie-West (889 units) and Vero Beach (467 units).
The largest projects under way are the 620-unit The Preserve at Savannah Lakes in Fort Pierce by the Baron Property Group and the 312-unit The Regatta in Fort Pierce by Alva Stone Group.
