Miami delivered more rental housing in 2025 than at any time in its history. And for multifamily developers, the message is clear: Keep building.
Despite a lot of new availability — more than 10,000 units came on the market last year alone — rents in Miami haven’t stopped. Apartments are being rented quickly, and the area was crowned (again) the most competitive rental market in the US, according to RentCafe.
“When a company like Citadel or Amazon or – you pick a company that recently moved here – when that company moves back, it comes with a whole tax bracket,” said Erik Rutter, whose company, Oak Row Equities, has more than 2,000 Miami rental properties in various stages of development – including the new 2600 Biscayne at Edgewer 49-unit, in the Edge- which is 39; and the 509-unit mixed-use Wynwood Plaza.
Developers strive to accommodate these newcomers. There are currently 36,763 market-rate rental units planned or under construction in the county, according to Yardi Matrix. Of that, only 4,609 units are expected this year – the lowest annual number in nearly a decade.
But competition for available apartments remains fierce. Each vacant unit now attracts 19 potential tenants, the highest average of any US city by the end of 2025.
Apartments typically rent within 33 days, eight days faster than the national average. And once tenants get a unit, they tend to stay: The average Miami tenant stays there for 34 months, limiting the number of apartments that come back on the market.
So even after a 4.2% increase in apartment supply last year, rents are still strong. Since October, the average rent has decreased by only 0.3% annually, according to RealPage. Looking ahead, Miami is predicted to post the strongest rent growth of any major U.S. market through 2026, at 3.8%.
“We think it’s great that deliveries are up so much and that rents haven’t gone up,” said Rutter, Oak Row’s managing partner. “It’s a symbol of resilience and pent-up demand.”
Chicago’s Focus and Group Fox are making their South Florida debut with Brickell Starlite, a 39-story, 517-unit tower rising in Miami’s financial district, where Citadel is building a new headquarters.
The New York-based Namdar Group, long known for snapping up distressed US malls, has turned to Miami, planning three rental towers, with more than 2,000 units between them.
PMG — the active Miami condo developer behind projects like the Waldorf Astoria Residences — is also launching rentals. It also leases the recently completed Society units — a 318-unit complex that allows tenants to rent an entire apartment or a single room within a single room — said Brian Koles, a senior director at PMG who oversees the firm’s rental portfolio.
The 1,222-square-foot, three-bedroom apartment in the luxury neighborhood (where amenities include a rooftop pool, a work space and an outdoor “fitness arena”) is listed for $5,825 a month. Tenants can also rent a bedroom within a three-bedroom unit for $1,975 per month.
“The cost of ownership, especially for young professionals, is unaffordable in Miami,” Koles said. “We want to provide housing for as many people as possible.”
At 2900 Terrace, which is under construction under Oak Row, the goal is to provide tenants with a condo-like experience, Rutter said. The 324-unit tower, expected to wrap up in late 2027, will feature two wooden courts, a co-working terrace and podcast studios. The apartments will serve as one to three bedrooms and be larger than regular rentals.
The new hires come as domestic migration to Miami began again in 2025 after a lull. Out-of-state driver’s license transactions in Miami-Dade County rose 12% year-over-year to 23,878, nearly matching the pandemic season peak in 2021, according to a report by the Miami Association of Realtors. Immigration has increased from several states whose residents have moved to Miami in recent years, including a 7% increase in New Yorkers and a 12% gain from Californians.
“Miami tends to be a safe city,” Koles said. “When people are forced to move somewhere else, or the industry collapses and people want to rebuild, they come to Miami.”
