“Don’t kill the market”: Developers keep building apartments in South Florida, despite supply overhang

Apartment construction is booming in South Florida, even though the market is past its pandemic-era leasing and rent peak.  “Developers are still very bullish on the Miami story,” said Juan Arias, a national director at CoStar Group. “You have a lot [to be completed] in 2027 and 2028.” After Covid’s onset, out-of-staters rushed to South Florida, driving unprecedented demand, rent growth and a building spree that created a supply overhang. A record 18,600 units were completed last year, outpacing 15,000 net new leases, just as the influx of Northeasterners and West Coasters slowed and many who weathered the pandemic here […]

This article originally appeared on The Real Deal. Click here to read the full story.