Miami is experiencing a boom in new apartment construction, ranking 4th in the nation for 2023 according to a recent report by RentCafe.

Over 460,000 new rental units are expected to be completed across the US by the end of 2023. Miami is contributing substantially to this total, with thousands of new apartments slated for completion this year.

New York ranks 1st with 33,000 new units anticipated, largely concentrated in Brooklyn, Queens and Manhattan. Dallas comes in 2nd with nearly 24,000 new rentals on the way, spread across Dallas, Fort Worth and Frisco.

But Miami is not far behind in 4th place, outpacing other major metro areas like Los Angeles, Washington DC and Boston. The surge in new apartment supply comes as Miami sees rapid population growth and skyrocketing demand for housing.

Industry experts say the apartment boom is fueled by remote workers and others flocking to South Florida, drawn by the warm climate, amenities and lifestyle. Developers are racing to meet demand, transforming neighborhoods with modern, high-end rental towers.

While beneficial for renters seeking new options, the influx of supply may eventually tilt the market toward renters’ favor. For now, Miami remains one of the top cities for new apartment construction as its popularity continues to grow.