Service Sector Job Gains Drive Miami Multifamily Growth

MIAMI—Several factors support Miami-Dade County’s place within the upper tier of multifamily markets in the country. So says the latest report from Marcus & Millichap.

M&M’s third quarter Apartment Research Market Report for Miami-Dade County reveals the number of workers in service industries has surpassed its pre-recession peak and is growing, though job creation in other employment sectors remains lackluster. The firm reports that residents employed at shops, bars, restaurants and hotels are lifting several segments of the local economy and sustaining low apartment vacancy.