Demand accelerated in Q1 2026, with 3,848 units absorbed — up from 3,033 in Q4 2025 — marking four consecutive quarters of positive net absorption. Trailing 12-month demand reached 11,824 units, though still trailing the 13,543 units delivered over the same period..
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The supply cycle is clearly downshifting. Trailing 12-month starts have fallen to 10,343 units from 14,834 a year ago, and the under-construction pipeline has contracted to 25,994 units (5.9% of inventory) — down 5% over four quarters — pointing toward easing delivery pressure into 2027.
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Rents have stabilized at $2,399 per unit, with a 0.8% quarterly gain marking the first meaningful sequential increase in over a year. Occupancy of 92.6% — up 10 basis points quarter-over-quarter — suggests the market is incrementally firming despite the ongoing delivery cycle.
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MARKET OUTLOOK
South Florida's multifamily market is navigating the final leg of an extended supply cycle, and the data increasingly supports a measured optimism...
