Is Miami growing the number of affordable apartments?
Yes, according to the latest .
Their data shows there nearly 9,000 new affordable apartments were added to the Miami market in the last five years, from 2020-2024.
The new housing accounted for almost 20% of all new housing built in what RentCafe.com said is one of the nation鈥檚 most expensive and competitive housing markets.
鈥淢iami completed 8,690 affordable apartments from 2020 to 2024, which is an increase of 97% compared to the previous five years,鈥� reported RentCafe.com.
Over all, Miami ranked ninth nationwide in the number of new affordable apartments completed during the five-year period.
RentCafe.com analysts say the nationwide growth in affordable housing construction 鈥渨as driven in large part by expanded public funding and policy support,鈥� including the federal Low-Income Housing Tax Credit.
The analysts cited , a 578-unit affordable community at 249 NW Sixth St in Miami鈥檚 Overtown neighborhood as a 鈥渟tandout development.鈥�
READ MORE: Affordable for who? FIU students struggle to live beyond rent
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