Study: Miami Apartment Demand Exceeding New Supply

Miami’s population boom means that demand for apartments in Miami has been outpacing supply, leading to price increases, according to a new study cited by the Miami Herald.

The Harvard Joint Center for Housing Studies study showed that over 50,000 high-cost units (priced above $2,000) were added to the Miami market in the past 10 years alone, an increase of 148 percent.

At the same time, 20,000 low-cost units (priced below $800) were removed from the market, a decrease of 13 percent. Miami now ranks third in the U.S. for having the lowest percentage of low cost rental units.

New supply isn’t projected to meet new demand, which could cause further price increases.  Based on current construction, Miami is on track to add about 70,000 new units by 2030, but at the current rate of demand the area needs 185,414 new units to keep pace.

 

Source: The Next Miami

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