The rental market in Miami has always been recognized for having one of the highest rental prices in the U.S. Being ranked #10 out of the 100 metro areas in the country this month, the median rent price in Miami has reduced 2.2% from $1,750 for a one-bedroom/ one-bathroom in May compared to last year when the median cost was $1,790).
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In the past, Miami’s developments were strictly targeted to buyers. Developers were building with the only purpose of selling as many units as possible, but we have seen in the past few years the beginning of a new trend. Miami is becoming more and more a city of renters and even more short term renters. This has pushed high-end units to change their strategy.
In a seasonal city as Miami, units are more attractive if they allow rentals, the shorter the better. For instance, new developments as the Panorama Tower on Brickell, unlikely its older peers, is now seeking to target leasing deals.
The rental market is flourishing in Miami, especially in the Brickell and Downtown area. Lately you must have noticed that vacant units are rented very quickly and prices per sqft are increasing. Indeed, usually rental listings are gone within one week. In Downtown, residential rentals rates per sqft increased 10% in 9 months whereas in Brickell the prices increase goes up 12%. The Downtown development Authority states that more than 95% of rental units are occupied in the greater downtown Miami.
This strong demand is simply due to the fact that Downtown attractiveness is growing. Personally I remember never crossing the bridge to go out at night. Now, with new restaurants and all kind of entertainments the area is now urbanized and attracts dynamic professionals. Read the rest of this entry »