NO. 15 | CHART FOR THOUGHT
- Net migration in the State of Florida outpaced all other states. The gain of 260,000 new residents outpaced the next closest state, Texas, by over 60,000 people.
- The population influx experienced by Florida was a source of strong multifamily demand, which sent the annual rent growth in major metros two times higher than the national average.
- Orlando and Tampa were the strongest performing metros, with each reporting rent growth well over 20% in the twelve months preceding 1Q2022.
- Miami was the only major metro with negative net migration, due in large part to housing unaffordability within the market. Of the four cities on display, Miami had the highest rents while offering the lowest median incomes.
- Units under construction equated to 10% of the total stock of the four metros combined, which was elevated compared to the U.S. However, together the metros absorbed nearly 10,000 more units than were delivered over the last twelve months.