MIAMI—In case you wondered just how hot Miami multifamily really is, take a cue from Related Development. The firm is tapping into what it sees a renewed rental demand following historic lows in multifamily development.

Tapping may not be a strong enough word. Related broke ground on four new multifamily properties with 1,129 collective units from Miami-Dade to Palm Beach County in September alone.

According to Steve Patterson, president of Related Development, low single-family home ownership rates, which the US Census reports have declined to the lowest level since 1995 at 64.8%, is a contributing factor. Patterson also points to the impact of a job market flooded with young workers that can't afford home ownership.

"Related's continued growth and sizable development pipeline in South Florida is driven by our belief in real demand," he says. "In spite of a significant increase in apartment completions during the last two years, occupancies have held firm and rents are growing above the historic norm."

Related's SOFA-Delray, Town-Pembroke Pines, Doral View II, and Town-University Drive launched construction in September. All told, Related has over 4,700 multifamily units in its development pipeline scheduled for completion and/or groundbreaking during the next year targeting professionals who used to buy homes.

All of this isn't just Related being bullish on South Florida's multifamily market. Axiometrics has labeled 2014 as the strongest year for multifamily since the market began to recover. Even then, 2014 multifamily development will barely reach pre-recession numbers.

"The market of Millennials leaving their parent's homes and starting their own households is growing rapidly, so there will definitely be more renters next year and the year after than today,” says Patterson. “We intend to be ready with new luxury rental product for them to call home.”