WRE News: Miami Seizes Title as Hottest U.S. Apartment Market of 2024

Miami, FL – March 2, 2024 – Amidst the dawn of 2024, Miami-Dade reclaims its title as the hottest apartment market in the U.S., with an unprecedented surge in demand. In the early months of this year, RentCafe’s analysis of 139 markets reveals Miami as the most fiercely competitive rental landscape nationwide. Fueled by a robust economy, enviable lifestyle, prime location, and perpetual sunshine, Miami experiences a staggering 14 renters vying for each available unit – twice the national average. With an impressive occupancy rate of 96.5% (compared to the national average of 93%), apartments in Miami are snatched up in just 36 days, showcasing the city’s thriving real estate scene. The dwindling share of newly built apartments, standing at 0.97% in 2024 (down from 1.24% the previous year), further intensifies the pressure on the already strained housing supply in the Magic City.