Over 1.2 million apartments were built in the U.S. from 2020 to 2022, with another 460,860 units planned for 2023. However, nearly two-thirds of these units are concentrated in a handful of fast-growing metropolitan areas.
According to a new report from RentCafe, the Miami metro area ranked No. 5 in the country for new construction during the pandemic era, adding 42,960 units to the rental market. When it comes to individual cities, however, Miami ranked slightly lower, adding 15,748 units between 2020 and 2022.
Most of Miami’s new apartments constructed during the pandemic era are located in Miami proper, followed by Fort Lauderdale, West Palm Beach, Plantation, Doral, Boca Raton, Hialeah, Miramar, Coral Gables and Boynton Beach.
Miami also ranks No. 4 in the country for new apartment construction in 2023, with 20,906 units added so far.