South Florida hits a record sale!

May 11, 2022

Aurora

South Florida hit a record $11.4 billion in sales in 2021! What does it mean to the Miami market?

2022 might be the best opportunity to invest in your Miami home.

Out-of-state investors continue to dominate the multifamily market. The population growth of South Florida is fueled by people migrating from other parts of the US and outside of the country.

People buy more houses and stay long-term, seeking a better tax situation and
job opportunities.

Investors spent $11.4 billion in 2021, buying 603 rental properties in Miami-Dade, Broward, and Palm Beach counties. It is more than double the previous annual record of $5.5 billion set in 2016.

All three counties also broke records for the average price per apartment.

82% of 2021’s sales volume goes to Class A apartment properties.

According to many reports, South Florida multifamily is arguably the hottest commercial real estate market in the US.

Fundamentals are bullish, and investors and renters continue to come to the region.

The most expensive submarkets are Aventura, Coral Gables, Fort Lauderdale, Boca Raton, Delray Beach, and Palm Beach Gardens/Jupiter. Monthly rents there are averaging more than $2,500!

As far as new construction, developers added 7,362 apartments last year.

But they will more than double that number in 2022! Another 17,893 units are scheduled for completion this year to keep pace with demand.

Let me know if you have any more questions. I would love to help you find the house of your dreams! Also, check out my Instagram page – realtor.katya. I hope you liked this post. If you’re interested to find out more about Miami news, check out these posts below.

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