INDUSTRY NEWS: Miami Among The Top Cities For New Apartment Construction In 2023
September 7, 2023Miami is projected to be one of the top U.S. cities for new apartment completions in 2023, according to a new analysis by RentCafe.
Overall, the Miami metro area is expected to complete construction of 20,906 new apartments this year, the fourth most of any metro in the U.S.
The City of Miami alone is expected to add 9,362 apartments – the most of any city in the metro area by far, and one of the highest of any city in the country.
There has also been significant apartment construction here over the past few years, the analysis showed.
During the combined three years of 2020, 2021, and 2022, the Miami metro area is said to have completed 42,960 total units (fifth of any metro), while the City of Miami completed 15,748 units (seventh highest of any city).
A RentCafe report in July named Miami the most competitive city for apartments, due to extremely high demand. An estimated 24 prospective renters were said to be competing for each available apartment here – by far the highest nationwide.
