The fastest growing U.S. communities? Two Miami neighborhoods make the list
Some Miami neighborhoods are evolving at a rapid rate, adding residential housing faster than most U.S. metro areas, according to a new study.
Downtown Miami and Midtown/Edgewater ranked among the top U.S. metros for the highest number of high-rise units delivered since 2017, according to a national market insights report by RentCafe, an apartment rental site. The study compared the number of new residential units delivered from 2017 through 2021 for the 50 most populated U.S. metros.
Downtown Miami ranked 12th for having 3,280 new units, and Midtown/Edgewater — lumped together in the report — ranked 14th for having 3,045 new units. Aria on the Bay in Edgewater, AMLI Midtown and Downtown 5th in Downtown Miami are among the residential buildings completed since 2017. More are on the way, including by the Melo Group, which is building more rental units in Downtown and the tallest residential towers in Edgewater.
Downtown Los Angeles topped the list with 10,136 units added over the last few years. Midtown Atlanta followed with 5,936 units and Queens’ Hunters Point ranked third with 5,423 units. Downtown Miami beat Manhattan’s Hell’s Kitchen, which ranked 13th having 3,189 units delivered since 2017.
Three metros bottomed out the top 20 list: DC’s Waterfront Washington (2,901 units), Houston’s Washington Avenue (2,897) and San Diego’s East Village (2,699).
Residential appeal boomed in the Miami communities given their proximity to the city’s financial hub Brickell and the trendy neighborhood Wynwood, said Devlin Marinoff, broker and managing partner of the commercial brokerage firm DWNTWN Realty Advisors.
“The fact that all of the neighborhoods are blossoming is happening at a great time and for different reasons,” Marinoff said. “It is a positive perfect storm for Miami and at the same time we’re getting a large migration of people to South Florida.”
Population growth continues to inspire the launch of new projects. Between 2010 and 2020, the number of new residents grew from about 2.5 million to 2.7 million, or by 8.23%, in Miami-Dade County.
This story was originally published November 9, 2021 at 6:00 AM.
