Market studies predict a 19% bounce in Miami rents because of a new construction boom. Get prepared to pay more than $3,000/month if you want to live in a small-sized average condo 2 bedroom in downtown Miami!
Why so? The reason is simple: there seems to be too much demand caused by a recent population influx towards South Florida and, more specifically, to Miami. As a response, developers deliver smaller apartments of about 900 sqft for 2 bedrooms. While current rates are $2.25/sqft, future projects would be listed on the market at $3.5/sqft, which is a substantial increase! Indeed, the median price to rent a 1,100 sqft unit in downtown Miami currently approximates $2,650. Read the rest of this entry »