Miami Dade County - Multifamily units are on the rise in Miami.

With 11,000 new condos projected to be finished within the next two years, 2100 new apartments have already been added this year, with another 4,640 in the pipeline.

Miami-Dade only added 2,440 apartments all of last year. Developers are keen on adding inventory, and the oversupply is sure to translate into decreased demand and perhaps rents as well. But developers are optimistic.

Multifamily deals averaged $195,300 per unit in the first quarter, up 12.8 percent compared to last year - The Real Deal

While popular neighborhoods such as South Beach and Downtown Miami saw declines in their average rent rates, West Miami and Doral saw increases. The market is seemingly unstable, so it will be interesting to see how it unfolds upon the completion of these units.

Are developers biting or is the demand set to explode?