Building cranes still tower over downtown Miami—the busiest market in the U.S. for the planned development of multifamily housing. Immigration has kept the population of Miami growing, and that has kept developers busy planning new projects.
Miami is number one on CoStar’s list of markets with more than 50,000 units with the highest share of apartments under construction as a percentage of existing inventory.
Developers had 16,777 new units of multifamily housing in some phase of the development process in Miami in the third quarter of 2018, according to CoStar. That works out to 11.4 percent of the current inventory.
Research firm MPF counts 9,656 new rental apartments under construction in the Miami-Miami Beach-Kendell, Fla. metro area. (MPF only counts apartments that are physically under construction, instead of counting projects that have been announced, but may still be arranging their financing or building permits.) That’s equal to 3.3 percent of the inventory across the broader metro area.