U.S. apartment construction is projected to exceed 500,000 new units in 2024, marking a 9% increase from last year and a 30% rise from 2022, with South Florida contributing significantly. The Miami area is expected to complete over 14,100 apartments, ranking it ninth among major metros. Nationwide, over 2 million new apartments are anticipated by 2028, although construction rates may decline from 2025 to...
Miami Area
A study by researchers at Florida Atlantic University and two other schools reveals that despite rent growth stabilizing, South Florida still faces a housing affordability crisis. Many residents, like Raymond Minardi, struggle to afford rent, with the average one-bedroom apartment costing $1,700 a month. The study shows that households in South Florida and other metro areas now need to earn over $100,000...