Miami's Housing Shortage Spirals Out of Control, Threatening Affordability

Ana-Marie Codina, a prominent developer in South Florida, sounded the alarm on the region's housing supply shortage, warning that it is exacerbating affordability issues. According to Codina, the demand for housing in the area far outstrips the available supply, leading to a significant gap in rental prices. At a recent Bloomberg New Voices event in Miami, Codina emphasized the need for increased supply to address the issue. "We definitely need more supply," she said. "There's very little differential between what rents were getting versus some of our competitors who have older product or less amenitized product. And that's a function of supply." The numbers bear out Codina's concerns. According to data from the Miami Association of Realtors, the median sales price of a single-family home in Miami-Dade County has risen by 25% over the past year, reaching $540,000 in October 2025. Meanwhile, the median rent for a single-family home in the county has increased by 18% over the same period, reaching $2,400 per month. The shortage of affordable housing options is not limited to single-family homes. The Miami-Dade County multifamily market has also seen a significant increase in rent prices, with the average rent per square foot rising by 12% over the past year to $2.45. The housing supply shortage is having a ripple effect throughout the South Florida economy. As housing prices and rents continue to rise, it is becoming increasingly difficult for low- and moderate-income residents to afford housing in the area. This, in turn, is leading to a shortage of workers in key industries such as healthcare and education, as well as a decline in the overall quality of life for residents. Codina's family firm, Codina Group, has been developing master-planned communities in South Florida for over 30 years. The company has a reputation for creating high-quality, amenitized communities that appeal to a wide range of buyers. However, even Codina acknowledges that the current market conditions are challenging. "We're seeing a lot of demand for our product, but we're also seeing a lot of competition from other developers who are building older product or less amenitized product," she said. "It's a tough market, but we're committed to delivering high-quality communities that meet the needs of our buyers." Looking ahead, it is unclear when the housing supply shortage in South Florida will be alleviated. However, experts predict that the shortage will continue to drive up housing prices and rents in the short term. In the long term, the shortage could have a lasting impact on the region's economy and quality of life. As Codina noted, the solution to the housing supply shortage lies in increasing the supply of affordable housing options. This will require a combination of government policies, private investment, and innovative solutions to address the issue. Until then, the housing market in South Florida will continue to be shaped by the forces of supply and demand.