According to a national real estate analysis, Miami is running out of apartments for residents. The “Barriers to Apartment Construction” was commissioned by the National Multifamily Housing Council and the National Apartment Association indicated Florida is home to 1.1 million apartment residents, but has about 472,000 apartment units.
By 2030, it’s estimated the city will need an additional 185,000 new apartments.
“The Miami metro area will need all types of apartments and at all price points,” said Kristy Novak, legislative committee chair of the South East Florida Apartment Association, the local division of the trade group. “Miami apartment developers, owners and managers and their residents contribute $18.7 billion to the local economy annually, and that number is expected to rise with increased demand.”
“The shortage of affordable rental housing creates significant hurdles,” Novak said. “This is not just a problem for today. By 2030, the affordable housing crisis will become even more severe unless public and private sector leaders take bold, innovative action.”
South Floridians face a twin problem related to each other. The region’s average salary of $45,119 annually is among the lowest nationally, but the regions average monthly rent prices for one-room apartments ($1200), two-bedroom apartments ($1,450) and three-bedroom ($1,650) are higher than the national average.
Without an influx of new apartment units it is expected that the cost of affordable rental will increase in ensuing years not only in Miami, but across South Florida.