FYI Miami: May 1, 2025

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

HOTEL REVENUES RISE: The average daily hotel room rate in Miami-Dade was up 5.6% in the first three weeks of April from the same period last year, CoStar figures show. Meanwhile, the actual revenue per available room rose even more, 6.2%. Occupancy also increased for the period, up six-tenths of a percent to 79.3%, CoStar reported. For Easter week alone, the average daily room rate rose 17.2% to $274.15, while average revenue per available room rose 19.4% to $221.03.

RETAIL RENTS RISING: Miami Beach is attracting the highest rents in Miami-Dade County for retail space, according to a first quarter report on the market by Colliers. Space in Miami Beach averages $108.11 rent per square foot, far above the county’s overall average of $44.90. After Miami Beach, Coconut Grove rents are second-highest at an average $85.09 per square foot, followed by Wynwood and the Design District at $71.83 and Brickell at $61.01. Lowest in the county are Miami Gardens at $27.86 and Northeast Dade at $27.87. Well below average rent is downtown Miami at $37.13 per square foot. Colliers cites rising rents in the face of high space demands.  

AIRCRAFT MECHANIC TRAINING: As lawmakers weigh providing more money for the state’s Job Growth Grant Fund, Gov. Ron DeSantis announced last week that the fund will provide $4,896,207 for aircraft mechanic training programs at Miami Dade College to “allow graduates to seamlessly transition … to a maintenance, repair and operations facility with minimal additional training.” The Senate’s proposed budget for the 2025-2026 fiscal year includes $25 million for the fund, which the governor can use at his discretion for regional infrastructure or workforce training. The proposed House budget doesn’t include money for the fund. The Senate and House will have to negotiate a final budget for the year that starts July 1.

MULTIFAMILY RENTS RISE: Multifamily rental residences in South Florida have a 5.8% vacancy with 50,199 more units under construction, according to a quarterly report from Lee & Associates. The vacancy rate is down from 6.2% in the fourth quarter of 2024, Lee Reports, a time when 39,973 units were under construction. The average asking rent per unit was $2,237 per unit in the first quarter, up from $2,217 in the fourth quarter of 2024, the firm says. The three-county market now has a total of 580,416 units of multifamily rental housing, the report said.