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South Florida faces harder time keeping multifamily renters

The region had 34,965 multifamily units underway in July, with more than 19,000 in the Miami-Dade County pipeline, while rent incentives risk hurting renewals.

Reported · Written up by our desk · Residential

South Florida multifamily developers are finding that lease-up is only part of the challenge, as keeping buildings full is becoming harder amid one of the deepest supply overhangs in the country, according to Bisnow.

Bisnow reports that developers have been offering free months of rent to attract tenants, but industry professionals say the competitive concession cycle can undermine renewals.

South Florida is seeing the most intense multifamily construction in the nation, with 34,965 units underway in July, based on a Miami Realtors + RWorld report cited by Bisnow.

The bulk of the pipeline is in Miami-Dade County, with more than 19,000 units in progress, as the region’s multifamily construction has barely tapered off from earlier peaks, according to Bisnow.

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