During the past five years, apartment deliveries in South Florida – the combination of the Miami, Fort Lauderdale and West Palm Beach markets – have averaged 9,900 units. Miami normally accounts for the biggest portion of those completions, around 46% of the total. Regional scheduled completions in 2019 jump meaningfully to 11,900 units. That increase is due to the escalation of activity in Miami. The 7,700 apartments targeted to finish there in 2019 account for an unusually big 65% of the regional total. Miami’s apartment construction is concentrated in three key neighborhoods – Downtown/South Beach, Coral Gables/South Miami and West Miami/Doral. In those locations, then, it may be tough to push rents in the luxury product space over the next year or two.
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