Miami, FL Multifamily Market Report Q3 2026

Demand Flips Back to Positive; Vacancy Edges Down to 4.4%

Demand

Miami absorbed 384 units in Q3 2026, against -231 in the same quarter last year. Vacancy is 4.4%, 23 bps tighter than Q3 2025. West Miami/Hialeah is the tightest submarket at 3.9% vacancy; North Miami/Miami Gardens leads rent growth at +6.8%. Trailing-12-month absorption of 6,118 units is down from 8,589 a year earlier.

Supply

Miami recorded 1,032 units of completions in Q3 and 5,556 over the trailing twelve months (-39% versus the prior TTM period). Units under construction equal 6.8% of inventory, concentrated in Downtown Miami/South Beach at 12.0% of its stock. Annual completions peaked at 10,883 units in 2024. The 23,771-unit pipeline equals about 15 and a half quarters of absorption at the trailing pace.

Investment Market

Miami recorded $3.6B in sales over the trailing twelve months, +57% against the prior TTM period; Q3 accounted for $1.86B. The high-water mark in this series is $6.4B in 2021. Q3 volume is 2.9 times the prior four-quarter average and likely reflects entity-level activity from the AvalonBay and Equity Residential merger. Read volume as directional. CoStar records $404M for Q3; on that count trailing volume would be $2.2B.

Miami cap rates average 5.43%, up for 17 straight quarters. Pricing sits at $284k per unit.