Florida Apartment Prices Per Unit: 30 Years of Sales, 1995 to 2025
A Florida apartment building with five or more units sold for a median of $157,143 per unit in 2025, up from $38,904 in 1995. That is a 304% rise in 30 years, about 4.8% a year. The biggest one-year jump was 2021 to 2022 (up 26%). Since 2022, prices have risen only 10%. Get your building's number.
Owners ask me two versions of the same question: what is my building worth, and is now a good time? Both answers start with history. So I pulled every arm's-length sale of a Florida apartment building with five or more units recorded since 1995, more than 26,000 of them, and lined up the median price per unit year by year.
The 30-year table
Here is every year. "Sales" is the number of qualifying sales that year; the price is the median, so half of buildings sold for more and half for less.
| Year | Sales | Median per unit |
|---|---|---|
| 1995 | 172 | $38,904 |
| 1996 | 248 | $40,917 |
| 1997 | 271 | $42,188 |
| 1998 | 367 | $39,417 |
| 1999 | 458 | $42,427 |
| 2000 | 488 | $43,204 |
| 2001 | 651 | $44,792 |
| 2002 | 853 | $46,250 |
| 2003 | 1,080 | $51,810 |
| 2004 | 1,410 | $57,113 |
| 2005 | 1,780 | $65,000 |
| 2006 | 1,309 | $65,812 |
| 2007 | 704 | $65,000 |
| 2008 | 403 | $64,167 |
| 2009 | 222 | $59,900 |
| 2010 | 353 | $55,833 |
| 2011 | 375 | $58,287 |
| 2012 | 594 | $60,634 |
| 2013 | 678 | $63,232 |
| 2014 | 895 | $71,691 |
| 2015 | 957 | $75,417 |
| 2016 | 1,087 | $73,684 |
| 2017 | 1,187 | $80,000 |
| 2018 | 1,227 | $87,500 |
| 2019 | 1,225 | $90,909 |
| 2020 | 1,056 | $96,264 |
| 2021 | 2,035 | $113,100 |
| 2022 | 1,539 | $142,857 |
| 2023 | 933 | $145,500 |
| 2024 | 965 | $146,875 |
| 2025 | 945 | $157,143 |
Five eras in one chart
1995 to 2002, the slow years. Prices went from $38,904 to $46,250 a unit, about 19% in seven years. Sale counts climbed every year, from 172 to 853, as Florida filled up.
2003 to 2006, the condo-conversion boom. Sales peaked at 1,780 in 2005 and the median hit $65,812 in 2006. A lot of that volume was converters buying rental buildings to sell as condos, which is why the count spiked faster than the price.
2007 to 2011, the bust. Here is the part most people get wrong. Sale counts fell 83%, from 1,309 in 2006 to 222 in 2009. The median price per unit fell only 15%, bottoming at $55,833 in 2010. In an apartment downturn, volume dies before price does. Owners who did not have to sell simply stopped selling, and the sales that did happen were mostly the ones that had to.
2012 to 2019, the long recovery. Steady, boring, and good: $60,634 to $90,909, about 50% in seven years, with sale counts back above 1,200 a year.
2020 to 2025, the rush and the plateau. 2021 was the busiest year on record at 2,035 sales. The median rose 48% from 2020 to 2022, from $96,264 to $142,857, on cheap debt and fast rent growth. Then rates doubled, sales fell back under 1,000 a year, and prices crept up only 10% in three years. I break down that rate story in what interest rates did to Florida apartment prices.
What the median hides
A yearly median mixes whatever happened to sell. In 2021, a lot of newer South Florida buildings traded, which pulls the number up. In 2009, a lot of distressed older buildings traded, which pulls it down. So the line overstates both the boom and the bust a little. My valuation work also tracks a price index that compares each sale to the same building's assessed value, which corrects for the mix. It tells the same story, a little stronger: the index rose about 2.9 times from 2012 to 2025, against 2.6 times for the median.
The median is also mostly South Florida. Miami-Dade and Broward alone account for almost half of all sales since 1995. If your building is north of Palm Beach County, your county line is the better guide.
Your county, 2005 vs 2015 vs 2025
Median price per unit in the ten Florida counties with the most sales. The last column is how many sales the 2025 median rests on. Click a county for its full page with rents and history.
| County | 2005 | 2015 | 2025 | 2025 sales |
|---|---|---|---|---|
| Miami-Dade | $71,202 | $91,667 | $218,992 | 247 |
| Broward | $74,375 | $84,444 | $185,048 | 170 |
| Palm Beach | $75,000 | $79,584 | $180,000 | 68 |
| Orange | $55,205 | $74,407 | $195,978 | 33 |
| Hillsborough | $51,727 | $59,888 | $133,125 | 58 |
| Duval | $45,000 | $69,854 | $106,157 | 70 |
| Polk | $41,667 | $40,417 | $98,396 | 36 |
| Lee | $60,000 | $57,542 | $90,278 | 35 |
| Alachua | $63,429 | $48,750 | $108,320 | 28 |
| Escambia | $44,167 | $43,749 | $97,308 | 25 |
Notice Orange and Hillsborough. Both sold for less per unit in 2025 than in 2022. Miami-Dade, Broward and Escambia kept climbing. The statewide number hides real local turns, which is why I price every building from its own income first and use per-unit numbers as a check. Want every year for your county, plus rents and HUD numbers? Open your county's page above and I will email you the full county report. More on that in Florida apartment price per unit by county.
What this means if you own a building
If you bought before 2010, you are almost certainly sitting on more equity than you think, and your tax basis is low. That combination is exactly when a 1031 exchange and the capital gains math matter most. If you bought in 2021 or 2022, your building may be worth about what you paid, and the debt is the bigger question.
A field note. When I started selling apartment buildings in 2013, the Florida median was $63,232 a door and insurance ran about $400 a door. In 2025 the median was $157,143 and insurance runs $950 to $1,500. Prices are up about 2.5 times. Insurance is up more than that, which is why insurance now decides more deals than the rent roll does.
How I built these numbers
I used Florida Department of Revenue sale records and county sales files from 1995 through 2025, kept only parcels the property roll classifies as multifamily (state use codes 03 and 08) with five or more units, and kept only sales coded as arm's-length. A deed covering several parcels counts once, with their units added. I dropped sales under $30,000 or over $1.5 million per unit and sales under $10,000 total, which are family transfers and quitclaims. 2026 is left out until the year is complete. Unit counts come from the current roll, so a building that added units later is counted at today's size.
Questions owners ask
What is the average price per unit for a Florida apartment building in 2025?
The median recorded sale price was about $157,143 per unit across 945 arm's-length sales of Florida apartment buildings with five or more units in 2025. South Florida pulls that up. Miami-Dade's median was about $219,000 and Broward's about $185,000, while Duval, Polk, Lee and Escambia were between $90,000 and $106,000.
How much have Florida apartment prices gone up since 1995?
The median price per unit rose from $38,904 in 1995 to $157,143 in 2025, about 304%, or roughly 4.8% a year compounded. The fastest stretch was 2020 to 2022, when the median rose 48% in two years.
Did Florida apartment prices fall in 2008?
Yes, but less than most people think. The median price per unit fell about 15% from the 2006 peak to 2010. Sales volume fell much harder, about 83% from 2006 to 2009, because owners who did not have to sell stopped selling.
Are Florida apartment prices still going up?
Slowly. The statewide median rose about 10% from 2022 to 2025, compared with 57% from 2019 to 2022. Some counties, including Orange, Hillsborough and Lee, sold for less per unit in 2025 than in 2022.
Where does this data come from?
Florida Department of Revenue sale records and county sales files, filtered to arm's-length sales of parcels classified as multifamily with five or more units. It is a median of recorded sales, not asking prices or appraisals.
I use this history every week as an apartment broker in Florida. If you want to know where your building sits on the line, call me and I will walk you through your county's sales.
