Landlords are getting 97% of asking price
Landlords are getting an average of 97% of list price for rentals in Miami-Dade, according to the latest data for 4th Quarter 2011. Renters face an increasingly-competitive market in core neighborhoods, with rental listings commonly attracting multiple offers. In the rental market above $1800 per month, almost half of that inventory is achieving rental rates in excess of $2500 per month, which highlights a continued increase in rents, and an acceptance toward more expensive rentals. New condo construction is under way from Coral Gables to Sunny Isles, and new buildings are selling well. The Miami residential market is an anomaly, and observers who thought the local market would take years to recover are left scratching their heads. Sales inventory in South Florida has experienced a steady, gradual decline since 2009 - shrinking from about 90,000 active listings, to approximately 20,000 listings currently. Residential prices in Miami remain attractive compared to New York City, Boston, Los Angeles and San Francisco.
Source: South Florida MLS
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