{"id":1239,"date":"2025-10-31T09:12:06","date_gmt":"2025-10-31T14:12:06","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/"},"modified":"2026-04-13T10:45:44","modified_gmt":"2026-04-13T14:45:44","slug":"are-developers-overbuilding-apartments-in-south-florida","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/","title":{"rendered":"Are Developers Overbuilding Apartments in South Florida?"},"content":{"rendered":"<\/p>\n<div id=\"the-content\">\n<figure class=\"AllowedContent_wrapper__lxthX AllowedContent_defaultWidth__8uyfz\"\/>\n<div class=\"DisallowedContent_container__QBkHk\">\n<div class=\"DisallowedContent_content__PCyLl\">\n<p class=\"DisallowedContent_text__aUl_H\">Start today for only $1<\/p>\n<p><button class=\"DisallowedContent_button__g1GsI piano-offer-target-cta-inline-article-news-paid Button_root__eW05B Button_primary__q4znz Button_medium__Y3eCE Button_rounded__m_n9L\">Subscribe<\/button><\/p>\n<\/div>\n<\/div>\n<p>Apartment construction is booming in South Florida, even though the market is past its pandemic-era leasing and rent peak.\u00a0<\/p>\n<p>\u201cDevelopers are still very bullish on the <a href=\"https:\/\/www.brickellsold.com\/blog\/miami-poised-for-potential-influx-of-wealth-as-high-net-worth-new-yorkers-evaluate-relocation-optionsmiamis-luxury-real-estate-sector-is-closely-observing-developments-in-new-york-city-parti\/\">Miami<\/a> story,\u201d said Juan Arias, a national director at CoStar Group. \u201cYou have a lot [to be completed] in 2027 and 2028.\u201d<\/p>\n<p>After Covid\u2019s onset, out-of-staters rushed to South Florida, driving unprecedented demand, rent growth and a building spree that created a supply overhang. A record 18,600 units were completed last year, outpacing 15,000 net new leases, just as the influx of Northeasterners and West Coasters slowed and many who weathered the pandemic here moved back home. Median asking rents in the tri-county region decreased 3 percent last month, year-over-year, according to Realtor.com.\u00a0<\/p>\n<p>Yet, developers are continuing construction like it\u2019s 2021, casting doubt on future lease-ups and rent growth, and threatening to prolong the supply overhang, experts warn.\u00a0<\/p>\n<p>The pandemic-era strong fundamentals have slowed, according to Arias. \u201cThat presents a significant headwind for the amount of multifamily getting built,\u201d he said.\u00a0\u00a0<\/p>\n<p>In the 12-month period that ended Sept. 30, construction started on 14,515 apartments in South Florida, according to data from CoStar. This outpaces the 13,338 starts in the 12-month period that ended Sept. 30 of last year, and also the 14,464 starts during the same period of 2021, the data shows. It\u2019s also not far behind the 14,980 starts in the 12-month period that ended Sept. 30 2023. Yet, it far lags the peak 22,296 starts in the 12-month period that ended Sept. 30 2022.\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><\/figure>\n<\/div>\n<p>\u201cThe assumption is net deliveries are going to continue to outpace demand through 2027 for luxury properties,\u201d Arias said, adding that this \u201cmay be a little bit optimistic.\u201d It \u201ccould get worse.\u201d\u00a0<\/p>\n<p>Developers are unfazed. By the time they finish towers, they believe demand will return and leasing will be robust. They say they\u2019re picking submarkets that will have appeal and need housing, and are adding amenities to draw tenants.\u00a0\u00a0<\/p>\n<p>Yet, it takes an average of a year and a half to two years to stabilize a new project, much longer than the six-month lease-ups during the market bonanza, experts say. This means buildings finished next year will compete with those finished this year, and towers finished in 2027 will compete with those completed next year.\u00a0\u00a0<\/p>\n<p>\u201cIt gets sandwiched, so you won\u2019t see these properties lease up in 16 months,\u201d said Andrew Rahman, of property manager Crown Residential. \u201cIt will take much longer than that, and they are not going to see the results they want.\u201d\u00a0<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<p><span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav>\n<ul class='ez-toc-list ez-toc-list-level-1 ' >\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/#Top_of_the_market\" >Top of the market<\/a><\/li>\n<li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/#Will_demand_rise\" >Will demand rise?<\/a>\n<ul class='ez-toc-list-level-4' >\n<li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/#Read_more\" >Read more<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/nav>\n<\/div>\n<h3 class=\"wp-block-heading\" id=\"h-top-of-the-market\"><span class=\"ez-toc-section\" id=\"Top_of_the_market\"><\/span><span class=\"ez-toc-section\" id=\"Top_of_the_market\"><\/span><strong>Top of the market<\/strong><span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Most construction is of four- and five-star apartments, mostly in prime submarkets, according to Arias of CoStar.\u00a0<\/p>\n<p>Of the total 26,502 units under construction, nearly 60 percent are in coveted neighborhoods east of I-95, and nearly a quarter are in downtown <a href=\"https:\/\/www.brickellsold.com\/blog\/miami-poised-for-potential-influx-of-wealth-as-high-net-worth-new-yorkers-evaluate-relocation-optionsmiamis-luxury-real-estate-sector-is-closely-observing-developments-in-new-york-city-parti\/\">Miami<\/a> and Miami\u2019s Arts &amp; Entertainment District, Brickell and Edgewater, CoStar data shows.\u00a0<\/p>\n<p>They\u2019re asking top rents that target specific demographics: well-heeled Miamians, many of whom work for the new-to-market companies, and out-of-state transplants, who often retain higher paying jobs outside of Florida. (Miami-Dade County\u2019s median income is $87,200, less than New York\u2019s $103,000, Los Angeles\u2019 $106,600 and Cook County\u2019s $119,900, according to HUD.)\u00a0<\/p>\n<p>Already, these high-end apartments have a vacancy of 13.4 percent, more than South Florida\u2019s average vacancy of 10.2 percent, CoStar data shows.\u00a0<\/p>\n<p>\u201cA lot of the out-of-staters who want to go to Miami \u2026 that has slowed down and the amount of construction occurring in those particular markets is something we want to stay away from,\u201d said developer Robert Suris. \u201cWe feel those markets have a lot of inventory delivering.\u201d<\/p>\n<p>Future in-migration will be key.\u00a0<\/p>\n<p>Steve Ross, who started West Palm Beach-based Related Ross, and Ken Griffin, who moved his Citadel and Citadel Securities to Brickell are prompting smaller firms to move to South Florida and bring employees who will lease, optimists said.\u00a0<\/p>\n<p>\u201cIt used to be in Miami, your largest tenants were law firms. Now we are seeing different tenants we haven\u2019t seen in the past,\u201d said developer Dan Kodsi.\u00a0\u00a0<\/p>\n<p>But Trump\u2019s immigration policies threaten South Florida population growth, Arias said.\u00a0<\/p>\n<p>In the first three quarters of this year, 13,693 people from abroad moved to Miami-Dade County, marking a 66 percent decrease, year-over-year, according to the Miami Association of Realtors, which based its analysis on driver\u2019s license exchanges. It marked a 63 percent decrease from 2023, 49 percent decrease from 2022, 14.7 percent decrease from 2021 and 30 percent decrease from 2019.\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Miami-Dade county driver&#039;s license exchanges\" class=\"wp-image-997858\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" title=\"\"><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Broward county driver&#039;s license exchanges\" class=\"wp-image-997859\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" title=\"\"><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Palm Beach county driver&#039;s license exchanges\" class=\"wp-image-997860\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" title=\"\"><\/figure>\n<\/div>\n<p>More than 2,050 Colombians; 1,600 Cubans and 970 Venezuelans exchanged their licenses in the first three quarters of this year, a decline from each of the past four years, the data shows. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n<p>In Doral, home to a large Venezuelan community, some with varying legal statuses, including Temporary Protected Status, are moving to Europe for fear of deportation, leaving some apartment buildings with vacancies of 10 percent or higher.\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2598\" height=\"1300\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Foreign-in-migration-to-Miami-Dade-County-.jpg\" class=\"wp-image-997862\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors.jpg 2598w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-300x150.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-700x350.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-200x100.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-768x384.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-1024x512.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-1400x701.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-50x25.jpg 50w\" sizes=\"auto, (max-width: 2598px) 100vw, 2598px\" title=\"\"><\/figure>\n<\/div>\n<p>A number of Ukrainians, who also are eligible for TPS, and Russians broke their leases early at some of Estate\u2019s buildings, Suris said.\u00a0\u00a0<\/p>\n<p>\u201cThere has been a flight of even wealthier [people] that don\u2019t have immigration status that were renters of higher-end multifamily,\u201d he said. \u201cImmigration policy has affected the market for sure.\u201d\u00a0<\/p>\n<p>New York City\u2019s mayoral election could counter this. If Zohran Mamdani, whose anti-Israel stance and calls for higher taxes have prompted anxiety, wins, more New Yorkers could head south.\u00a0<\/p>\n<p>\u201cPeople are counting on a huge growth in population if Mamdani gets elected, exceeding what happened during the pandemic,\u201d said Tal Frydman, of Newmark.<\/p>\n<p>At the same time, homeownership remains out of reach for many, despite a slight drop in prices and mortgage rates. That\u2019s a boon for apartment buildings.\u00a0<\/p>\n<p>\u201cIt\u2019s moving people from choosing to buy to being forced to rent. A lot of those are renters by choice, especially in the four- and five-star buildings,\u201d said Eli Beracha, a Florida International University real estate professor. \u201cThey can afford to rent, but they don\u2019t have enough for a down payment.\u201d<\/p>\n<p>Gen Zers are inclined to pay higher rents in exchange for top buildings, market optimists said, pointing to Edgewater\u2019s Forma Miami. Completed last year, it\u2019s 97 percent leased, despite rents reaching $7.70 a square foot, higher than the $3.19 a square foot average for top Miami-Dade units.\u00a0<\/p>\n<p>Similarly, Coral Gables\u2019 multifamily market is roughly 95 percent leased, partly due to FIFA opening an office in the city. But some staff are hired temporarily for the 2026 World Cup.\u00a0<\/p>\n<p>\u201cWhat happens when these [people] move out?\u201d said Rahman of Crown Residential, referring to well-heeled employees. \u201cYou are going to see a slight drop\u201d in occupancy, he said.\u00a0<\/p>\n<p>Hollywood is particularly strained with the supply overhang, he added. Concessions abound: Tenants could get two months rent free at the 362-unit Bread Building; three months rent free and a $1,500 gift card at the 180-unit Griffin 441; and two months rent free and a $2,000 gift card at the 324-unit Hollywood Heights, according to their websites. All were completed last year.\u00a0<\/p>\n<p>\u201cNo market that\u2019s not a bloodbath is offering two-and-a-half months free and gift cards,\u201d Rahman said. \u201cAll are trying to fight for the same [prospective tenants]. Unless there\u2019s a huge spike in population, and we\u2019re talking a tremendous spike, this is going to spill into 2028.\u201d<\/p>\n<p>That\u2019s not stopping Calta Group from planning to start construction early next year of a pair of apartment buildings with 251 units, combined, near Hollywood\u2019s Young Circle. They are expected to be completed in mid-2027.\u00a0\u00a0<\/p>\n<h3 class=\"wp-block-heading\" id=\"h-will-demand-rise\"><span class=\"ez-toc-section\" id=\"Will_demand_rise\"><\/span><span class=\"ez-toc-section\" id=\"Will_demand_rise\"><\/span><strong>Will demand rise?<\/strong><span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u201cDemand will definitely pick up by then,\u201d said Calta\u2019s Gaetano Caltagirone, adding that impending openings of retail, dining and a Brightline stop will drive demand. \u201cMiami is becoming extremely expensive. It\u2019s important to have these alternatives of living 10-15 minutes away from downtown Miami.\u201d<\/p>\n<p>The current multifamily slowdown started about 10 months ago and will turn around, said real estate attorney Dennis Eisinger. But when?\u00a0<\/p>\n<p>\u201cThat could be another two or four or five years. \u2026 Have the developers overbuilt? Yes,\u201d said Eisinger, of Eisinger Law. \u201cDevelopers just by nature are, \u2018Hey I am a developer, I see the future, and I know I can start now because in two years when my building is ready, I\u2019lll be good.\u2019\u201d\u00a0<\/p>\n<p>As a whole, South Florida\u2019s multifamily market remains healthier, benefiting from its ever-present appealing climate, coastal access and lack of a state income tax, developers and analysts said.\u00a0<\/p>\n<p>\u201cOurs is a little bit of a slowdown, a minor downturn. It might be going down more before it goes back up,\u201d Eisinger said. \u201cLet\u2019s hope developers don\u2019t kill the market by overbuilding.\u201d\u00a0<\/p>\n<section class=\"ReadMoreSection_root\">\n<h4 class=\"ReadMoreSection_title\"><span class=\"ez-toc-section\" id=\"Read_more\"><\/span><span class=\"ez-toc-section\" id=\"Read_more\"><\/span>Read more<span class=\"ez-toc-section-end\"><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"125\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/08\/MIA-The-world-turned-Why-developers-are-selling-South-Florida-multifamily-sites-MAIN-200x125.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<div class=\"BlogrollPost_heading\">\n<div class=\"MarketSectorLabel_categoryCityLabelWrapper\">\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>\n<p>\u201cThe world turned\u201d: Why developers are selling South Florida multifamily sites\u00a0<\/p>\n<\/p>\n<\/div>\n<\/article>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/08\/The-Weekly-Dirt-Developers-bail-on-South-Floridas-multifamily-boom-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"Developers Bail on South Florida\u2019s Multifamily Boom\" loading=\"lazy\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<div class=\"BlogrollPost_heading\">\n<div class=\"MarketSectorLabel_categoryCityLabelWrapper\">\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>\n<p>The Weekly Dirt: Developers bail on South Florida\u2019s multifamily boom<\/p>\n<\/p>\n<\/div>\n<\/article>\n<article class=\"BlogrollPost_container\">\n<figure class=\"BlogrollPost_image FeaturedImage\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"142\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/04\/ftn_MIA_Drop-in-South-Florida-Rents-200x142.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t<\/figure>\n<div class=\"BlogrollPost_content\">\n<p>Rent reprieve: Miami rates drop nearly 8% y-o-y, amid supply overhang<\/p>\n<\/p>\n<\/div>\n<\/article>\n<\/section>\n<\/div>\n<p><script id=\"__NEXT_DATA__\" 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var(--wp--preset--gradient--blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(--wp--preset--gradient--luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(--wp--preset--gradient--pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(--wp--preset--gradient--electric-grass) !important;}.has-midnight-gradient-background{background: var(--wp--preset--gradient--midnight) !important;}.has-small-font-size{font-size: var(--wp--preset--font-size--small) !important;}.has-medium-font-size{font-size: var(--wp--preset--font-size--medium) !important;}.has-large-font-size{font-size: var(--wp--preset--font-size--large) !important;}.has-x-large-font-size{font-size: var(--wp--preset--font-size--x-large) !important;}\",\"type\":\"list\",\"__typename\":\"StyleItem\"}],\"post\":{\"id\":\"cG9zdDo5OTc4Mjg=\",\"databaseId\":997828,\"title\":\"\u201cDon\u2019t kill the market\u201d: Developers keep building apartments in South Florida, despite supply overhang\",\"status\":\"publish\",\"slug\":\"are-developers-overbuilding-apartments-in-south-florida\",\"uri\":\"\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/\",\"link\":\"https:\/\/therealdeal.com\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/\",\"dateGmt\":\"2025-10-31T13:48:17\",\"contentTypeName\":\"post\",\"contentFiltered\":\"u003csection class=\"UserConditionalHtml__JSON\"u003e{\"userType\":\"paid\",\"placeholderImageUrl\":\"\",\"html\":\"u0026lt;figureu0026gt;\\r\\n\\r\\n\\u00a0u0026lt;div class=|||container|||u0026gt;\\r\\n\\r\\n\\u00a0\\u00a0\\u00a0u0026lt;div class=|||iframe-wrap|||u0026gt;\\r\\n\\r\\n\\u00a0\\u00a0\\u00a0u0026lt;iframe src=|||https:\\\/\\\/trd-digital.github.io\\\/trd-news-interactive-maps\\\/MiamiUrbanCoreProjectsPipeline\\\/||| width=|||100%||| height=|||600||| frameBorder=|||0||| scrolling=|||no|||u0026gt;u0026lt;\\\/iframeu0026gt;\\r\\n\\r\\n\\u00a0\\u00a0u0026lt;\\\/divu0026gt;\\r\\n\\r\\nu0026lt;\\\/divu0026gt;\\r\\n\\r\\n\\u00a0\\u00a0u0026lt;figcaption align=|||right|||u0026gt;u0026lt;a href=|||https:\\\/\\\/leafletjs.com\\\/|||u0026gt;Leafletu0026lt;\\\/au0026gt; map created by Adam Farenceu0026lt;\\\/figcaptionu0026gt;\\r\\n\\r\\nu0026lt;\\\/figureu0026gt;\",\"previewHtml\":\"\",\"caption\":\"\",\"previewCaption\":\"\",\"message\":\"\",\"className\":\" default\"}u003c\/sectionu003eu003cpu003eApartment construction is booming in South Florida, even though the market is past its pandemic-era leasing and rent peak.u0026nbsp;u003c\/pu003enu003cpu003e\u201cDevelopers are still very bullish on the Miami story,\u201d said Juan Arias, a national director at CoStar Group. \u201cYou have a lot [to be completed] in 2027 and 2028.\u201du003c\/pu003enu003cpu003eAfter Covid\u2019s onset, out-of-staters rushed to South Florida, driving unprecedented demand, rent growth and a building spree that created a u003ca href=\"\/miami\/2025\/01\/24\/after-record-south-florida-rental-completions-lease-ups-slow\/\"u003esupply overhangu003c\/au003e. A record 18,600 units were completed last year, outpacing 15,000 net new leases, just as the influx of Northeasterners and West Coasters slowed and many who weathered the pandemic here moved u003ca href=\"\/new-york\/2022\/09\/02\/miami-ed-out-these-new-yorkers-have-had-enough-of-south-florida\/\"u003eback homeu003c\/au003e. Median asking rents in the tri-county region decreased 3 percent last month, year-over-year, according to Realtor.com.u0026nbsp;u003c\/pu003enu003cpu003eYet, developers are continuing construction like it\u2019s 2021, casting doubt on future lease-ups and rent growth, and threatening to prolong the supply overhang, experts warn.u0026nbsp;u003c\/pu003enu003cpu003eThe pandemic-era strong fundamentals have slowed, according to Arias. \u201cThat presents a significant headwind for the amount of multifamily getting built,\u201d he said.u0026nbsp;u0026nbsp;u003c\/pu003enu003cpu003eIn the 12-month period that ended Sept. 30, construction started on 14,515 apartments in South Florida, according to data from CoStar. This outpaces the 13,338 starts in the 12-month period that ended Sept. 30 of last year, and also the 14,464 starts during the same period of 2021, the data shows. It\u2019s also not far behind the 14,980 starts in the 12-month period that ended Sept. 30 2023. Yet, it far lags the peak 22,296 starts in the 12-month period that ended Sept. 30 2022.u0026nbsp;u003c\/pu003enu003cdiv class=\"wp-block-image\"u003enu003cfigure class=\"aligncenter size-full\"u003eu003cimg loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2250\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar.jpg\" alt=\"\" class=\"wp-image-997871\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar.jpg 4000w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-300x169.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-700x394.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-200x113.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-768x432.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-1024x576.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-1400x788.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/costar-50x28.jpg 50w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/u003eu003c\/figureu003enu003c\/divu003enu003cpu003e\u201cThe assumption is net deliveries are going to continue to outpace demand through 2027 for luxury properties,\u201d Arias said, adding that this \u201cmay be a little bit optimistic.\u201d It \u201ccould get worse.\u201du0026nbsp;u003c\/pu003enu003cpu003eDevelopers are unfazed. By the time they finish towers, they believe demand will return and leasing will be robust. They say they\u2019re picking submarkets that will have appeal and need housing, and are adding amenities to draw tenants.u0026nbsp;u0026nbsp;u003c\/pu003enu003cpu003eYet, it takes an average of a year and a half to two years to stabilize a new project, much longer than the six-month lease-ups during the market bonanza, experts say. This means buildings finished next year will compete with those finished this year, and towers finished in 2027 will compete with those completed next year.u0026nbsp;u0026nbsp;u003c\/pu003enu003cpu003e\u201cIt gets sandwiched, so you won\u2019t see these properties lease up in 16 months,\u201d said Andrew Rahman, of property manager Crown Residential. \u201cIt will take much longer than that, and they are not going to see the results they want.\u201du0026nbsp;u003c\/pu003enu003ch3 class=\"wp-block-heading\" id=\"h-top-of-the-market\"u003eu003cstrongu003eTop of the marketu003c\/strongu003eu003c\/h3u003enu003cpu003eMost construction is of four- and five-star apartments, mostly in prime submarkets, according to Arias of CoStar.u0026nbsp;u003c\/pu003enu003cpu003eOf the total 26,502 units under construction, nearly 60 percent are in coveted neighborhoods east of I-95, and nearly a quarter are in downtown Miami and Miami\u2019s Arts u0026amp; Entertainment District, Brickell and Edgewater, CoStar data shows.u0026nbsp;u003c\/pu003enu003cpu003eThey\u2019re asking top rents that target specific demographics: well-heeled Miamians, many of whom work for the new-to-market companies, and out-of-state transplants, who often retain higher paying jobs outside of Florida. (Miami-Dade County\u2019s median income is $87,200, less than New York\u2019s $103,000, Los Angeles\u2019 $106,600 and Cook County\u2019s $119,900, according to HUD.)u0026nbsp;u003c\/pu003enu003cpu003eAlready, these high-end apartments have a vacancy of 13.4 percent, more than South Florida\u2019s average vacancy of 10.2 percent, CoStar data shows.u0026nbsp;u003c\/pu003enu003cpu003e\u201cA lot of the out-of-staters who want to go to Miami \u2026 that has slowed down and the amount of construction occurring in those particular markets is something we want to stay away from,\u201d said developer Robert Suris. \u201cWe feel those markets have a lot of inventory delivering.\u201du003c\/pu003enu003cpu003eFuture in-migration will be key.u0026nbsp;u003c\/pu003enu003cpu003eSteve Ross, who started West Palm Beach-based u003ca href=\"\/magazine\/january-2025\/inside-steve-ross-all-in-wager-on-west-palm-beach\/\"u003eRelated Rossu003c\/au003e, and Ken Griffin, who moved his u003ca href=\"\/miami\/2022\/08\/04\/ken-griffins-citadel-comes-to-brickell-and-supercharges-the-market\/\"u003eCitadel and Citadel Securitiesu003c\/au003e to Brickell are prompting smaller firms to move to South Florida and bring employees who will lease, optimists said.u0026nbsp;u003c\/pu003enu003cpu003e\u201cIt used to be in Miami, your largest tenants were law firms. Now we are seeing different tenants we haven\u2019t seen in the past,\u201d said developer Dan Kodsi.u0026nbsp;u0026nbsp;u003c\/pu003enu003cpu003eBut Trump\u2019s immigration policies threaten South Florida population growth, Arias said.u0026nbsp;u003c\/pu003enu003cpu003eIn the first three quarters of this year, 13,693 people from abroad moved to Miami-Dade County, marking a 66 percent decrease, year-over-year, according to the Miami Association of Realtors, which based its analysis on driver\u2019s license exchanges. It marked a 63 percent decrease from 2023, 49 percent decrease from 2022, 14.7 percent decrease from 2021 and 30 percent decrease from 2019.u0026nbsp;u003c\/pu003enu003cdiv class=\"wp-block-image\"u003enu003cfigure class=\"aligncenter size-full\"u003eu003cimg loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Miami-Dade county driver's license exchanges\" class=\"wp-image-997858\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/miami-dade-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" \/u003eu003c\/figureu003enu003c\/divu003enu003cdiv class=\"wp-block-image\"u003enu003cfigure class=\"aligncenter size-full\"u003eu003cimg loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Broward county driver's license exchanges\" class=\"wp-image-997859\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Broward-County-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" \/u003eu003c\/figureu003enu003c\/divu003enu003cdiv class=\"wp-block-image\"u003enu003cfigure class=\"aligncenter size-full\"u003eu003cimg loading=\"lazy\" decoding=\"async\" width=\"2576\" height=\"1084\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Palm Beach county driver's license exchanges\" class=\"wp-image-997860\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors.jpg 2576w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-300x126.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-700x295.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-200x84.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-768x323.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1024x431.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-1400x589.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/palm-beach-Drivers-License-Exchanges-Credit-is-Miami-Association-of-Realtors-50x21.jpg 50w\" sizes=\"auto, (max-width: 2576px) 100vw, 2576px\" \/u003eu003c\/figureu003enu003c\/divu003enu003cpu003eMore than 2,050 Colombians; 1,600 Cubans and 970 Venezuelans exchanged their licenses in the first three quarters of this year, a decline from each of the past four years, the data shows. u0026nbsp; u0026nbsp; u0026nbsp; u0026nbsp; u0026nbsp;u003c\/pu003enu003cpu003eIn Doral, home to a large Venezuelan community, some with varying legal statuses, including Temporary Protected Status, are u003ca href=\"\/miami\/2025\/10\/01\/rents-down-vacancies-up-as-trumps-crackdown-hits-doral\/\"u003emovingu003c\/au003e to Europe for fear of deportation, leaving some apartment buildings with vacancies of 10 percent or higher.u0026nbsp;u003c\/pu003enu003cdiv class=\"wp-block-image\"u003enu003cfigure class=\"aligncenter size-full\"u003eu003cimg loading=\"lazy\" decoding=\"async\" width=\"2598\" height=\"1300\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors.jpg\" alt=\"Foreign-in-migration-to-Miami-Dade-County-.jpg\" class=\"wp-image-997862\" srcset=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors.jpg 2598w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-300x150.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-700x350.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-200x100.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-768x384.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-1024x512.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-1400x701.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Foreign-in-migration-to-Miami-Dade-County-Credit-is-Miami-Association-of-Realtors-50x25.jpg 50w\" sizes=\"auto, (max-width: 2598px) 100vw, 2598px\" \/u003eu003c\/figureu003enu003c\/divu003enu003cpu003eA number of Ukrainians, who also are eligible for TPS, and Russians broke their leases early at some of Estate\u2019s buildings, Suris said.u0026nbsp;u0026nbsp;u003c\/pu003enu003cpu003e\u201cThere has been a flight of even wealthier [people] that don\u2019t have immigration status that were renters of higher-end multifamily,\u201d he said. \u201cImmigration policy has affected the market for sure.\u201du0026nbsp;u003c\/pu003enu003cpu003eNew York City\u2019s mayoral election could counter this. If Zohran Mamdani, whose anti-Israel stance and calls for higher taxes have prompted u003ca href=\"\/miami\/2025\/06\/27\/heres-what-mamdani-win-will-mean-for-florida-real-estate\/\"u003eanxietyu003c\/au003e, wins, more New Yorkers could head south.u0026nbsp;u003c\/pu003enu003cpu003e\u201cPeople are counting on a huge growth in population if Mamdani gets elected, exceeding what happened during the pandemic,\u201d said Tal Frydman, of Newmark.u003c\/pu003enu003cpu003eAt the same time, homeownership remains out of reach for many, despite a slight drop in prices and mortgage rates. That\u2019s a boon for apartment buildings.u0026nbsp;u003c\/pu003enu003cpu003e\u201cIt\u2019s moving people from choosing to buy to being forced to rent. A lot of those are renters by choice, especially in the four- and five-star buildings,\u201d said Eli Beracha, a Florida International University real estate professor. \u201cThey can afford to rent, but they donu0026#8217;t have enough for a down payment.\u201du003c\/pu003enu003cpu003eGen Zers are inclined to pay higher rents in exchange for top buildings, market optimists said, pointing to Edgewater\u2019s u003ca href=\"\/miami\/2025\/10\/15\/crescent-heights-nabs-238m-refi-for-forma-rental-tower\/?utm_source=chatgpt.com\"u003eForma Miamiu003c\/au003e. Completed last year, it\u2019s 97 percent leased, despite rents reaching $7.70 a square foot, higher than the $3.19 a square foot average for top Miami-Dade units.u0026nbsp;u003c\/pu003enu003cpu003eSimilarly, Coral Gables\u2019 multifamily market is roughly 95 percent leased, partly due to u003ca href=\"\/miami\/2024\/08\/30\/fifa-expands-its-office-at-agaves-coral-gables-tower\/\"u003eFIFAu003c\/au003e opening an office in the city. But some staff are hired temporarily for the 2026 World Cup.u0026nbsp;u003c\/pu003enu003cpu003e\u201cWhat happens when these [people] move out?\u201d said Rahman of Crown Residential, referring to well-heeled employees. \u201cYou are going to see a slight drop\u201d in occupancy, he said.u0026nbsp;u003c\/pu003enu003cpu003eHollywood is particularly strained with the supply overhang, he added. Concessions abound: Tenants could get two months rent free at the 362-unit Bread Building; three months rent free and a $1,500 gift card at the 180-unit Griffin 441; and two months rent free and a $2,000 gift card at the 324-unit Hollywood Heights, according to their websites. All were completed last year.u0026nbsp;u003c\/pu003enu003cpu003e\u201cNo market that\u2019s not a bloodbath is offering two-and-a-half months free and gift cards,\u201d Rahman said. \u201cAll are trying to fight for the same [prospective tenants]. Unless there\u2019s a huge spike in population, and we\u2019re talking a tremendous spike, this is going to spill into 2028.\u201du003c\/pu003enu003cpu003eThat\u2019s not stopping Calta Group from planning to start construction early next year of a pair of apartment buildings with u003ca href=\"\/miami\/2025\/02\/11\/calta-group-nabs-construction-loan-for-hollywood-rentals\/\"u003e251 unitsu003c\/au003e, combined, near Hollywood\u2019s Young Circle. They are expected to be completed in mid-2027.u0026nbsp;u0026nbsp;u003c\/pu003enu003ch3 class=\"wp-block-heading\" id=\"h-will-demand-rise\"u003eu003cstrongu003eWill demand rise?u003c\/strongu003eu003c\/h3u003enu003cpu003e\u201cDemand will definitely pick up by then,\u201d said Calta\u2019s Gaetano Caltagirone, adding that impending openings of retail, dining and a Brightline stop will drive demand. \u201cMiami is becoming extremely expensive. Itu0026#8217;s important to have these alternatives of living 10-15 minutes away from downtown Miami.\u201du003c\/pu003enu003cpu003eThe current multifamily slowdown started about 10 months ago and will turn around, said real estate attorney Dennis Eisinger. But when?u0026nbsp;u003c\/pu003enu003cpu003e\u201cThat could be another two or four or five years. \u2026 Have the developers overbuilt? Yes,\u201d said Eisinger, of Eisinger Law. \u201cDevelopers just by nature are, \u2018Hey I am a developer, I see the future, and I know I can start now because in two years when my building is ready, I\u2019lll be good.\u2019\u201du0026nbsp;u003c\/pu003enu003cpu003eAs a whole, South Florida\u2019s multifamily market remains healthier, benefiting from its ever-present appealing climate, coastal access and lack of a state income tax, developers and analysts said.u0026nbsp;u003c\/pu003enu003cpu003e\u201cOurs is a little bit of a slowdown, a minor downturn. It might be going down more before it goes back up,\u201d Eisinger said. \u201cLetu0026#8217;s hope developers donu0026#8217;t kill the market by overbuilding.\u201du0026nbsp;u003c\/pu003enu003csection class=\"ReadMoreSection_root\"u003entu003ch4 class=\"ReadMoreSection_title\"u003eRead moreu003c\/h4u003enttttttttu003ca class=\"BlogrollPost\" href=\"\/miami\/2025\/08\/13\/why-developers-are-selling-south-florida-multifamily-sites\/\"u003enttttu003carticle class=\"BlogrollPost_container\"u003entttttu003cfigure class=\"BlogrollPost_image FeaturedImage\"u003entttttttttttttu003cimg decoding=\"async\" width=\"200\" height=\"125\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/08\/MIA-The-world-turned-Why-developers-are-selling-South-Florida-multifamily-sites-MAIN-200x125.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\" \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=\"BlogrollPost_content\"u003enttttttu003cdiv class=\"BlogrollPost_heading\"u003entttttttu003cdiv class=\"MarketSectorLabel_categoryCityLabelWrapper\"u003enttttttttttttttttu003cdiv class=\"MarketSectorLabel_sectorLabel\"u003entttttttttDevelopmentttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=\"MarketSectorLabel_marketLabel\"u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=\"BlogrollPost_title\"u003e\u201cThe world turned\u201d: Why developers are selling South Florida multifamily sites\u00a0u003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttttu003ca class=\"BlogrollPost\" href=\"\/miami\/2025\/08\/17\/developers-bail-on-south-floridas-multifamily-boom\/\"u003enttttu003carticle class=\"BlogrollPost_container\"u003entttttu003cfigure class=\"BlogrollPost_image FeaturedImage\"u003entttttttttttttu003cimg decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/08\/The-Weekly-Dirt-Developers-bail-on-South-Floridas-multifamily-boom-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"Developers Bail on South Florida\u2019s Multifamily Boom\" loading=\"lazy\" \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=\"BlogrollPost_content\"u003enttttttu003cdiv class=\"BlogrollPost_heading\"u003entttttttu003cdiv class=\"MarketSectorLabel_categoryCityLabelWrapper\"u003enttttttttttttttttu003cdiv class=\"MarketSectorLabel_sectorLabel\"u003entttttttttDevelopmentttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=\"MarketSectorLabel_marketLabel\"u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=\"BlogrollPost_title\"u003eThe Weekly Dirt: Developers bail on South Florida\u2019s multifamily boomu003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttttu003ca class=\"BlogrollPost\" href=\"\/miami\/2025\/04\/03\/south-florida-rents-drop-amid-multifamily-supply-overhang\/\"u003enttttu003carticle class=\"BlogrollPost_container\"u003entttttu003cfigure class=\"BlogrollPost_image FeaturedImage\"u003entttttttttttttu003cimg decoding=\"async\" width=\"200\" height=\"142\" src=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/04\/ftn_MIA_Drop-in-South-Florida-Rents-200x142.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\" \/u003etttttttttttu003c\/figureu003entttttu003cdiv class=\"BlogrollPost_content\"u003enttttttu003cdiv class=\"BlogrollPost_heading\"u003entttttttu003cdiv class=\"MarketSectorLabel_categoryCityLabelWrapper\"u003enttttttttttttttttu003cdiv class=\"MarketSectorLabel_sectorLabel\"u003entttttttttCommercialttttttttu003c\/divu003enttttttttttttttttttttttttu003cdiv class=\"MarketSectorLabel_marketLabel\"u003entttttttttSouth Floridattttttttu003c\/divu003entttttttttttttttu003c\/divu003enttttttu003c\/divu003enttttttu003cdiv class=\"BlogrollPost_title\"u003eRent reprieve: Miami rates drop nearly 8% y-o-y, amid supply overhangu003c\/divu003entttttu003c\/divu003enttttu003c\/articleu003entttu003c\/au003enttttu003c\/sectionu003enntt\",\"noAds\":false,\"alternativeHeadline\":{\"subheadline\":\"Many say demand will be restored by the time projects are built\",\"__typename\":\"AlternativeHeadline\"},\"updatedPost\":{\"updated\":false,\"date\":\"2025-10-31T14:02:00+00:00\",\"__typename\":\"UpdatedPost\"},\"aiSummary\":{\"summary\":\"u003cpu003eu003c!-- wp:list --u003eu003c\/pu003ernu003cul class=\"wp-block-list\"u003eu003c!-- wp:list-item --u003ernu003cliu003eSouth Florida's apartment construction is booming, despite a current supply overhang and a slowdown in leasing and rent growth compared to pandemic-era peak. Developers remain optimistic, believing demand will return by the time new projects are completed.u003c\/liu003ernu003c!-- \/wp:list-item --u003ernrnu003c!-- wp:list-item --u003ernu003cliu003eKey factors influencing the market include a slowdown in in-migration, particularly from out-of-state residents, and the impact of immigration policies, which have led to a significant decrease in foreign residents moving to Miami-Dade County.u003c\/liu003ernu003c!-- \/wp:list-item --u003ernrnu003c!-- wp:list-item --u003ernu003cliu003eDespite challenges like high vacancy rates in luxury apartments and concessions offered in some submarkets like Hollywood, developers continue to build. Homeownership remaining out of reach for many also contributes to continued rental demand.u003c\/liu003ernu003c!-- \/wp:list-item --u003eu003c\/ulu003ernu003cpu003eu003c!-- \/wp:list --u003eu003c\/pu003e\",\"reviewed\":true,\"disabled\":false,\"autoGenerate\":false,\"__typename\":\"AISummary\"},\"audioArticleSettings\":{\"audioUrl\":\"https:\/\/eleven-public-cdn.elevenlabs.io\/audio-native\/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac\/GV57CdluF6jQv7OEvRQW\/GV57CdluF6jQv7OEvRQW.mp3\",\"__typename\":\"AudioArticleSettings\"},\"mainArt\":{\"mediaType\":\"image\",\"image\":{\"node\":{\"sourceUrl\":\"\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1400x933.jpg\",\"srcSet\":\"\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1400x933.jpg 1400w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-300x200.jpg 300w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-700x467.jpg 700w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-200x133.jpg 200w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-768x512.jpg 768w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1024x683.jpg 1024w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-50x33.jpg 50w, \/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1.jpg 1725w\",\"sizes\":\"(max-width: 1400px) 100vw, 1400px\",\"caption\":\"u003cpu003eCalta Groupu0026#8217;s Gaetano Caltagirone with Calta Group\u2019s Caltopia Hollywood and Caltopia Hollywood II;u0026#8230;u003c\/pu003en\",\"altText\":\"Calta Group's Gaetano Caltagirone with Calta Group\u2019s Caltopia Hollywood and Caltopia Hollywood II; Estate Companies\u2019 Robert Suris with Estate Companies\u2019 Soleste NoMi Beachand Soleste on the Bay\",\"__typename\":\"MediaItem\"},\"__typename\":\"AcfMediaItemConnectionEdge\"},\"video\":null,\"caption\":\"Calta Group's Gaetano Caltagirone with Calta Group\u2019s Caltopia Hollywood and Caltopia Hollywood II; Estate Companies\u2019 Robert Suris with Estate Companies\u2019 Soleste NoMi Beachand Soleste on the Bay (Calta Group, JLL, Estate Companies)\",\"__typename\":\"MainArt\"},\"featuredImage\":{\"node\":{\"sourceUrl\":\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1400x933.jpg\",\"srcSet\":\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1400x933.jpg 1400w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-300x200.jpg 300w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-700x467.jpg 700w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-200x133.jpg 200w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-768x512.jpg 768w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-1024x683.jpg 1024w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1-50x33.jpg 50w, https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1.jpg 1725w\",\"sizes\":\"(max-width: 1400px) 100vw, 1400px\",\"caption\":\"u003cpu003eCalta Groupu0026#8217;s Gaetano Caltagirone with Calta Group\u2019s Caltopia Hollywood and Caltopia Hollywood II;u0026#8230;u003c\/pu003en\",\"altText\":\"Calta Group's Gaetano Caltagirone with Calta Group\u2019s Caltopia Hollywood and Caltopia Hollywood II; Estate Companies\u2019 Robert Suris with Estate Companies\u2019 Soleste NoMi Beachand Soleste on the Bay\",\"mediaDetails\":{\"sizes\":[{\"width\":\"1400\",\"height\":\"933\",\"__typename\":\"MediaSize\"}],\"__typename\":\"MediaDetails\"},\"__typename\":\"MediaItem\"},\"__typename\":\"NodeWithFeaturedImageToMediaItemConnectionEdge\"},\"__typename\":\"Post\",\"template\":{\"templateValue\":\"full-width-b\",\"__typename\":\"Template_FullWidthB\"},\"seo\":{\"title\":\"Are Developers Overbuilding Apartments in South Florida?\",\"fullHead\":\"u003c!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ --u003enu003cmeta name=\"description\" content=\"Developers started construction of 14,515 apartments in the past year, potentially prolonging the supply overhang, experts say.\u00a0\" \/u003enu003cmeta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/u003enu003clink rel=\"canonical\" href=\"https:\/\/therealdeal.com\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/\" \/u003enu003cmeta property=\"og:locale\" content=\"en_US\" \/u003enu003cmeta property=\"og:type\" content=\"article\" \/u003enu003cmeta property=\"og:title\" content=\"\u201cDon\u2019t kill the market\u201d: Developers keep building apartments in South Florida, despite supply overhang\" \/u003enu003cmeta property=\"og:description\" content=\"Developers started construction of 14,515 apartments in the past year, potentially prolonging the supply overhang, experts say.\u00a0\" \/u003enu003cmeta property=\"og:url\" content=\"https:\/\/therealdeal.com\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/\" \/u003enu003cmeta property=\"og:site_name\" content=\"The Real Deal\" \/u003enu003cmeta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/therealdealmedia\/\" \/u003enu003cmeta property=\"article:published_time\" content=\"2025-10-31T13:48:17+00:00\" \/u003enu003cmeta property=\"article:modified_time\" content=\"2025-10-31T14:02:10+00:00\" \/u003enu003cmeta property=\"og:image\" content=\"https:\/\/static.therealdeal.com\/wp-content\/uploads\/2025\/10\/Are-Developers-Overbuilding-Apartments-in-South-Florida--1.jpg\" \/u003entu003cmeta property=\"og:image:width\" content=\"1725\" \/u003entu003cmeta property=\"og:image:height\" content=\"1150\" \/u003entu003cmeta property=\"og:image:type\" content=\"image\/jpeg\" \/u003enu003cmeta name=\"author\" content=\"Lidia Dinkova and Adam Farence\" \/u003enu003cmeta name=\"twitter:card\" content=\"summary_large_image\" \/u003enu003cmeta name=\"twitter:description\" content=\"Apartment construction is booming in South Florida, even though the market is past its pandemic-era leasing and rent peak.u0026nbsp; \u201cDevelopers are still very bullish on the Miami story,\u201d said Juan Arias, a national director at CoStar Group. \u201cYou have a lot [to be completed] in 2027 and 2028.\u201d After Covid\u2019s onset, out-of-staters rushed to South Florida, driving unprecedented demand, rent growth and a building spree that created a supply overhang. A record 18,600 units were completed last year, outpacing 15,000 net new leases, just as the influx of Northeasterners and West Coasters slowed and many who weathered the pandemic here [u0026hellip;]\" \/u003enu003cmeta name=\"twitter:creator\" content=\"@trdny\" \/u003enu003cmeta name=\"twitter:site\" content=\"@trdny\" \/u003enu003cmeta name=\"twitter:label1\" content=\"Written by\" \/u003entu003cmeta name=\"twitter:data1\" content=\"Kevin Rebong\" \/u003entu003cmeta name=\"twitter:label2\" content=\"Est. reading time\" \/u003entu003cmeta name=\"twitter:data2\" content=\"8 minutes\" \/u003enu003cscript type=\"application\/ld+json\" class=\"yoast-schema-graph\"u003e{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/therealdeal.com\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/therealdeal.com\/miami\/2025\/10\/31\/are-developers-overbuilding-apartments-in-south-florida\/\"},\"author\":[{\"@type\":\"Person\",\"@id\":\"https:\/\/therealdeal.com\/#\/schema\/person\/59ad643e34e525ba44cf385eb480dc46\",\"name\":\"Lidia Dinkova\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8f50db554f29c280c6279bd8cbf09aa15dd40cda5b5963c6a80232b86912c185?s=96u0026#038;d=mmu0026#038;r=g\"},\"description\":\"Lidia Dinkova covers South Florida real estate for The Real Deal. 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async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><script async src=\"\/\/www.instagram.com\/embed.js\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Miami_market_relevance\"><\/span>Miami market relevance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If this topic impacts buyers or sellers, the most useful context is what is happening locally. Track current pricing, inventory, and days on market in Miami, and compare active listings by building or neighborhood before making decisions.<\/p>\n<p><a href=\"https:\/\/www.brickellsold.com\/brickell-miami-fl-real-estate\">Browse current Miami listings<\/a> or <a href=\"https:\/\/brickellsold.com\/en\/tools\/book-call\">request a tailored report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are Developers Overbuilding Apartments in South Florida?: Start today for only $1 Subscribe Apartment construction is booming in South Florida, even though the <\/p>\n","protected":false},"author":1,"featured_media":1240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"Are Developers Overbuilding Apartments in South Florida? | Brickellsold","rank_math_description":"Start today for only $1 Subscribe Apartment construction is booming in South Florida, even though the market is past its pandemic-era leasing and rent peak. \u201cDe","rank_math_focus_keyword":"Are Developers Overbuilding Apartments","rank_math_canonical_url":"https:\/\/www.brickellsold.com\/blog\/are-developers-overbuilding-apartments-in-south-florida\/","rank_math_robots":"index,follow","footnotes":""},"categories":[1720],"tags":[],"class_list":["post-1239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brickell-real-estate-market"],"_links":{"self":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/comments?post=1239"}],"version-history":[{"count":3,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1239\/revisions"}],"predecessor-version":[{"id":4353,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/posts\/1239\/revisions\/4353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/media\/1240"}],"wp:attachment":[{"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/media?parent=1239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/categories?post=1239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brickellsold.com\/blog\/wp-json\/wp\/v2\/tags?post=1239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}