Permits for more than 2,000 new apartments were issued in Miami last month, signaling a renewed sense of momentum in the multifamily sector.
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Miami had more units permitted during the past 12 months, at 7,257, than any other city or place tracked by RealPage in its analysis of Census Bureau data. More than a third of those permits, roughly 2,500, were issued in June alone.
Developers aren't just sitting on their permits, either. Miami-Dade County had 1,186 more units start construction during the second quarter than it did in the first three months of 2025, and 2,471 more than it did during Q2 2024. The Miami metro and Houston were the only markets RealPage tracked that experienced increases in apartment starts.
But despite the newfound momentum, Miami has issued 2,500 fewer multifamily permits over the past 12 months than it did in the year before.
High interest rates and construction costs have fueled the multifamily slowdown in recent years. And in Miami, that has driven many developers to shift toward building condos instead of apartments.
While Miami’s uptick in construction activity suggests the industry is facing a turnaround, the units can’t seem to come fast enough.
The city is ranked as the most competitive rental market in the country, according to RentCafe, with a score of 96.7, compared to the national average of 74.6. It has the highest occupancy rate, least time on market and most applicants per unit of any of the top 20 markets ranked in the report.
For each vacant unit in Miami, there are 21 applicants, twice the national average, according to RentCafe.
Miami is among the top 10 most expensive rental markets in the country. A Miami one-bedroom averages about $2,650 a month, and a two-bedroom averages $3,500, according to a July report by Zumper. But while the market is cutthroat, the number of units being delivered has brought median rents down, dropping by 3.6% year-over-year for one-bedroom units and nearly 7% for two-bedrooms, according to Zumper.
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