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Introduction

The Miami area benefits from a healthy and increasingly diversified economy, propelled especially by tourism, international trade and health services. Steady employment growth is helping the area return to pre-recession employment levels. While apartment construction levels have increased in recent years, sustained high occupancy rates suggest that area demand is keeping pace. Substantial foreign interest is also helping boost demand.

LIVING IN APARTMENTS

Renting can be smart choice for a wide range of individuals and families across all income levels. That’s why a diverse array of people call apartments home.

Apartment Residents
1,109,128
Spending Power
$6,746,305,851
Direct Jobs Supported
53,671
Total Economic Contribution
$12,699,920,764
Total Jobs Supported
140,700
Married couple with no children
14%
Married couple with children
11%
Single Individual living alone or with roommates
61%
Single Parent
15%
1 Person Household
42%
2 Person Household
29%
3 Persons or More in Household
29%
19%

of population lives in apartments

Managing Apartments

Apartment homes are economic engines, driving dollars and jobs that strengthen local communities.

Total Apartment Homes
450,110
Operation Dollars Spent
$2,014,593,752
Direct On-site Jobs
13,120
Total Economic Contribution
$3,705,845,207
Total Jobs Supported
32,678
5 to 9 apartment homes per building
18%
10 to 29 apartment homes per building
24%
20 to 49 apartment homes per building
26%
50 apartment homes per building or more
32%

Building Apartments

Apartment construction continues as a bright spot in the economy, helping lead the housing recovery.

Construction Dollars Spent
$1,147,489,831
Direct Jobs
7,057
Total Economic Contribution
$2,294,520,666
Total Jobs Supported
22,270
Apartments Built 1959 or earlier
11%
Apartments Built 1960 to 1979
36%
Apartment Built 1980 - 1999
36%
Apartments Built 2000 or Later
17%
68%

Multifamily Percentage of Total Building Permits