South Florida Makes Up 25% of New Apartment Supply in Florida

Key Points

• ~16,000 new apartments expected in South Florida in 2025—ranking 7th nationwide.

• Miami dominates with about 5,300 units, followed by Fort Lauderdale, Hollywood, Hialeah, and West Palm Beach.

• Statewide growth: Florida projects ~62,184 new apartments this year, with Texas and Florida together accounting for nearly 30% of U.S. completions.

South Florida is set to account for a quarter of all new apartments being built in Florida in 2025, making it one of the nation’s fastest-growing rental markets. 

Metro Highlight: South Florida’s Delivery Surge

• ~15,666 new units are projected for the Miami metro alone, earning it the 7th spot nationwide for apartment completions in 2025.

  • Miami proper leads with roughly 5,301 units.

  • Fort Lauderdale: 1,672 units; Hollywood: 1,535; Hialeah: 1,100; West Palm Beach: 900.
     

• Combined, these South Florida deliveries exceed the total new units projected for Jacksonville and Tampa (approx. 14,000).
   

Statewide & National Context

• Florida is expected to bring 62,184 new apartments online in 2025, placing it among the top states nationally.

• Alongside Texas’ expected 81,407 units, Florida plays a major role—together they represent nearly 30% of all U.S. new apartment completions.

Market Dynamics & Renter Impact

• Yardi Matrix’s Doug Ressler notes a modest construction uptick in Broward County, particularly around Fort Lauderdale, which had seen slower supply growth compared to Miami. Still, Miami remains the economic powerhouse driving the region’s apartment market.

• Rising supply has led to slightly softer rents across South Florida:

  • Asking rents in the Miami–Fort Lauderdale–West Palm Beach area dropped 2.9% year‑over‑year in July.

  • National average decline was 2.5%.

• Despite softening, South Florida rents remain ~30% above the national median—$2,332 versus $1,712.

South Florida stands out as a national apartment construction hotspot, with the Miami tri-county region delivering a quarter of all new units in Florida in 2025. While growing supply is easing rent pressure, prices remain well above average—making the region a prime target for investors seeking robust fundamentals in multifamily real estate. The ongoing strength in demand, combined with substantial deliveries in key submarkets, suggests continued opportunity—especially across developers and landlords positioned in Miami, Broward, and Palm Beach counties.