Both Miami and Fort Lauderdale will experience a wind-down in the pace of new apartment construction this year, according to Marcus & Millichap’s 2026 Miami Multifamily Investment Forecast.

Miami

Miami will experience the slowest pace of multifamily-inventory growth in a decade this year. At 1.6%, the growth rate will tie with Fort Lauderdale for the lowest rate among major Florida metros.

Meanwhile, job growth will boom, fueling population growth according to the report. Miami will add 9,000 jobs this year, with gains led by professional services, education and health care.

Supply will keep up, however, as vacancy is projected to tick up by 4.9%, or 80 basis points above the 10-year average.

“Miami’s rental market remains fundamentally sound, though immigration headwinds and slower job growth are creating new dynamics across submarkets,” Marcus & Millichap Miami Managing Director Victor Garcia said in the report. “We’re seeing sustained leasing strength in downtown and northeast Miami, while investor interest is picking up in areas like North Beach, and more selectively, Little Havana.”

Fort Lauderdale

With multifamily deliveries projected to total 3,300 units — the smallest annual figure since 2022— Fort Lauderdale’s market will get little relief to its supply shortfall this year. The metro’s vacancy will reach 4.9% in 2026, according to the report.

Renters will pay top dollar as demand mounts, with the average effective rent expected to reach $2,530 per month.

Meanwhile, job creation will remain steady. Office-using roles are projected to account for around half of all new positions.

“In Fort Lauderdale, we’re seeing stable demand at the high end of the market, especially downtown, where supply is tightening and job growth in professional services continues to drive leasing,” said Joe Thomas, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.

Investor interest may concentrate in certain markets, Thomas explained.

“Investors are focused on areas like Hollywood and Pembroke Pines, where vacancy has tightened and new construction is limited. With pricing at or below $200,000 per unit in some cases, the entry point remains attractive for buyers evaluating long-term fundamentals,” he said.