- Developers in Miami-Dade, Broward, and Palm Beach counties are increasingly listing multifamily sites for sale. Higher interest rates, inflated costs, and rent stagnation are squeezing returns.
- Oversupply in areas like Wynwood has stalled rent growth. Some projects are switching to condos or seeking joint venture partners instead of starting construction.
- Some brokers see this as distress selling. Others say it’s part of the normal real estate cycle, and conditions could improve as financing loosens.
According to The Real Deal, South Florida’s once red-hot multifamily market is cooling. Developers are now more interested in selling sites than building. Projects in Wynwood, Edgewater, and south Miami-Dade are hitting the market, sometimes just months after approvals.
Why the Pullback
The post-pandemic boom brought record rent growth and a flood of new construction. In the last two years, interest rates and costs have jumped. A surge in luxury apartment completions has pushed supply ahead of demand. Many projects without shovels in the ground by last year are now paused or listed for sale.
By the Numbers
South Florida delivered 18,600 apartments in 2024. Only 15,000 net new leases were signed. In Wynwood, average one-bedroom rents dropped 7% year-over-year to $3,049. Developers face softer rents, rising property taxes, and looming loan maturities.
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Notable Listings
- Clara Wynwood — Clara Homes is asking $10.9M for its approved 147-unit tower site. The firm says it is shifting focus to larger projects.
- Evolve Companies — The North Carolina developer listed two Wynwood Norte sites with more than 240 planned units for $26M combined.
- K2 Capital Group — In Goulds, a proposed 206-unit project is for sale at $6.3M. The listing is partly a test of buyer interest.
What’s Next
Some developers are using the Live Local Act to increase entitlements before selling. Others are converting projects to condos or seeking partners. A few see conditions improving. Banks are lending again, construction costs are easing, and potential Fed rate cuts could help.
The Big Picture
For now, “everyone is a net seller,” one broker said. Whether this is distress or strategy, the shift shows how quickly South Florida’s multifamily market can change when the world turns.
