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What does 2023 hold for affordable housing and real estate in Miami?

Here’s what renters and home buyers can expect from the real estate market in 2023 with respect to affordable housing

In 2022, the cost of real estate in Miami soared to new heights of unaffordability. Many locals were already feeling the pinch of various price hikes across the board when they were hit with unprecedented property prices and double-digit rent surges.

What can we expect from the housing market in 2023, following two years of skyrocketing housing costs? Here's what South Florida's real estate experts predict:

Will Miami’s rental hikes continue in 2023?

The persistent housing crisis in Miami is mostly due to the influx of people from all over the country (particularly the Northeast) who came to South Florida for its attractive career and growth opportunities. Several of these migrants paid cash for their properties, driving up prices and reducing the supply of homes for locals to purchase.

Real estate experts expect that, even though the influx of people into Miami has reached its peak, it will continue. However, this will not drive down rental prices for workers. Prices for buyers will remain stable.

Buildings and condos in Miami

What about the affordable housing crisis?

South Florida’s affordable housing crisis will not get any easier in 2023, unfortunately. It will become more challenging for firms to recruit and retain employees. This applies to all professions, including those in hospitality, entertainment, education, and healthcare.

Employers, developers, and the local government need to start thinking about long-term solutions to ensure the housing crunch doesn’t worsen. They need to focus on mixed-income housing in addition to rental assistance, implementing rent regulations, and residential development near job centers.

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