{"id":37500,"date":"2020-03-24T19:41:05","date_gmt":"2020-03-24T17:41:05","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=37500"},"modified":"2025-04-10T14:31:46","modified_gmt":"2025-04-10T11:31:46","slug":"migration-triggers-increased-activity-in-miami-apartment-construction","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/03\/24\/migration-triggers-increased-activity-in-miami-apartment-construction\/","title":{"rendered":"Migration Triggers Increased Activity in Miami Apartment Construction"},"content":{"rendered":"\n

A new study recently released by self-storage marketplace STORAGECaf\u00e9<\/em><\/a> ranks the country\u2019s top 10 cities in terms of inbound migration<\/a>.<\/p>\n\n\n\n

The Miami-Fort Lauderdale-West Palm Beach metro area ranks seventh nationally in terms on inbound migration, with almost 239,000 newcomers in 2017, as per the latest US Census<\/a> data. During the same interval, the metro area registered a little over 174,000 leavers, which means that the net migration is a positive 64,800. The actual population change from 2017 to 2018 \u2013 a number that includes not only net migration, but also births and deaths \u2013 represents a significant growth of 49,000 people. That number puts the Miami metro area in 11th<\/sup> place nationally by population growth.<\/p>\n\n\n\n

<\/span>Who\u2019s Moving to Miami Metro and Where Are They Coming\nFrom?<\/strong><\/span><\/h3>\n\n\n\n

Most domestic migrants that moved to the Miami metro area \u2013\nalmost 24,000 \u2013 came from New York-Newark-Jersey City, most likely motivated by\nthe proverbial sunny weather and the low taxation levels provided by Florida.\nThe main source of international migration for the Miami metro area is the\nCaribbean, with about 32,000 newcomers in one year.<\/p>\n\n\n\n

When looking at the ages of the people choosing Miami as\ntheir new home, as per the American Housing Survey, it\u2019s interesting to notice\nthat a significant proportion of the newcomers, 43%, are Gen Xers (aged 35 to\n55), and only a little more than 25% are Millennials (25 to 34 years of age).\nMiami attracts significantly less Millennials than the top 10 metros for\ninbound migration do on average, a little less than 32%.<\/p>\n\n\n\n

The Miami metro area also gets plenty of Baby Boomers \u2013\nalmost 23% of the newcomers belong to this generation. Gen Z, the youngest\ngeneration, those under 25, are not particularly attracted by Miami \u2013 only 4.2%\nof the people moving here are Gen Zers. All in all, Miami sees a significant\ninflux of newcomers who can be described as at the peak of their professional\nlives \u2013 56% of them are between 30 and 54 years of age.<\/p>\n\n\n\n

<\/span> What Drives People\nToward Miami?<\/strong><\/span><\/h3>\n\n\n\n

Miami metro\u2019s neighborhoods are, apparently, quite\nattractive: 16.7% of the newcomers declared that they moved because they wanted\na more desirable neighborhood. And almost 16% moved to Miami in search of a\nlarger or a better-quality home. <\/p>\n\n\n\n

For 15.4% of the newcomers, the incentive behind relocating\nwas the intention of forming their own household. People moving to Miami seem\nto be quite family-oriented \u2013 more than 10% said they wanted to be closer to\nfamily. Interestingly enough, only 5.5% of Miami\u2019s newest residents came for a\nnew job or for a job transfer. <\/p>\n\n\n\n

<\/span>How Does the Local Real Estate Market Deal with the Influx of New Residents?<\/strong><\/span><\/h3>\n\n\n\n

The Miami metro area is growing and most of the newcomers\nare looking for better housing and better neighborhoods. Is Metro Miami\ndelivering what\u2019s expected of it? As in-migration grows, so too do rents as new\narrivals create demand and a rather tight market for apartment renters. <\/p>\n\n\n\n

The average rent in the city of Miami, in December 2019, was $1,707, according to Yardi Matrix, which represents a 3% growth compared to the previous year. The self-storage industry, providing a service that\u2019s usually associated with changing residences, charges an average of $131 for standard, 10X10 storage units in Miami<\/a>. That\u2019s higher than the national average rate for self-storage facilities, which is currently $114.<\/p>\n\n\n\n

In an effort to respond to the growing demand for apartment\nliving, developers are increasing construction activity. As per Yardi Matrix\ndata, there were more than 28,500 apartments under construction in the metro\narea as of January 2020. The number represents a 12% growth compared to January\n2019.<\/p>\n\n\n\n

Self-storage construction is on a slight descending trend\ncompared to a year ago, probably due to the already existing solid inventory in\nthe Miami metro area. There were 1.92 million sq. ft of self-storage space\nunder construction this January in Miami, representing a 9% drop from January 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new study recently released by self-storage marketplace STORAGECaf\u00e9 ranks the country\u2019s top 10 cities in terms of inbound migration. The Miami-Fort Lauderdale-West Palm Beach metro area ranks seventh nationally in terms on inbound migration, with almost 239,000 newcomers in 2017, as per the latest US Census data. During the same interval, the metro area…<\/p>\n","protected":false},"author":67,"featured_media":37501,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[802],"tags":[160,11078,11171],"class_list":["post-37500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-florida-real-estate","tag-apartments","tag-miami-real-estate","tag-old-study"],"yoast_head":"\nMigration Triggers Increased Activity in Miami Apartment Construction - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"The Miami metro area ranks 11th nationally by population growth. 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