Real estate challenges in Miami: condos, rentals, development

South Florida's condo and rental markets face issues of affordability, safety and development pressure.

Rapid construction of high-cost luxury apartments, like those downtown, contrasts sharply with the persistent need for below-market-rate housing. Meanwhile, rents have declined slightly due to increased supply, but many residents remain rent-burdened amid stagnant wages and inflated housing costs.

Safety legislation following the 2021 Surfside collapse also has put more financial strain on condo owners, with rising repair costs, mandatory reserves and insurance challenges.

Take a look at the challenges in Miami's housing landscape.

The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists.

Soleste Hollywood Blvd at 2001 Hollywood Blvd is pictured hovering among existing buildings on Sunday, Sept. 15, 2024, in Hollywood, Florida, as the city shores up its housing needs with development in its downtown area in an attempt to address the city’s affordable housing needs. By Carl Juste

NO. 1: EVEN AS HOLLYWOOD BUILDS MORE APARTMENTS DOWNTOWN, AFFORDABILITY REMAINS A CONCERN

A look at what is coming and why it might not be enough to ease housing pressure | Published October 4, 2024 | Read Full Story by Raisa Habersham

Sawyer’s Walk development has opened 578 residential units, a public plaza and a new Target, Burlington, Five Below and Aldi supermarket at 249 NW Sixth St. in Miami’s Overtown community as of November 2024. A Ross Dress for Less store is next in March 2025.

NO. 2: THESE POPULAR STORES JUST MADE THEIR DEBUT IN DOWNTOWN MIAMI AREA. AND THERE’S MORE

Here’s the lineup and opening dates. | Published November 13, 2024 | Read Full Story by Howard Cohen

The riverfront area of downtown Fort Lauderdale. By CARL JUSTE

NO. 3: APARTMENT RENTS HAVE TAKEN A SURPRISING TURN IN SOUTH FLORIDA. WILL THE TREND CONTINUE?

What to know about the market in Miami and Broward. | Published November 15, 2024 | Read Full Story by Rebecca San Juan

Sipiwe Anderson, a condo owner, looks at paperwork related to her special assessment on June 10, 2023 for her condo in Miami Beach. By Pedro Portal

NO. 4: FACING A SPECIAL ASSESSMENT? MIAMI-DADE COUNTY OFFERS A $50K LOAN TO HELP CONDO OWNERS

Many condo owners found relief in this county loan program. Money is tight for the future. | Published December 31, 2024 | Read Full Story by Rebecca San Juan

Mario Verciani, CEO of SmartCore Systems, displays a sensor same as the ones installed at the Bay House Miami Residences in Edgewater, by his company that provides structural health monitoring (SHM) services to buildings including condominiums, in Miami, on Tuesday February 11, 2025. By Pedro Portal

NO. 5: STURDY, SINKING, SHAKY? MIAMI COMPANY OFFERS AN EARLY WARNING SENSOR SYSTEM FOR CONDOS

‘We have monitoring in place, and our structure has not moved. We have real time data.’ | Published February 14, 2025 | Read Full Story by Denise Hruby

NO. 6: FLORIDA’S SURFSIDE LAW HELPS DEVELOPERS AS CONDO OWNERS FACE SPIKING FEES AND FORECLOSURES

“The building collapse was probably not at all due to financial conditions or lack of reserves.” — Margaret Rolando, co-creator of the Florida Bar task force that issued recommendations after the tragedy | Published March 1, 2025 | Read Full Story by Alexandra Glorioso Rebecca San Juan

Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER

NO. 7: ‘PERFECT STORM.’ HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST

The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci

This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.