Update on the Miami / South Beach Rental Markets
2. Landlords get Asking Price Renters are paying asking price or near-asking price for most rentals. The exception is rentals that are priced 10% or more above market.
3. We’re back to Normal The Miami Rental Market has changed dramatically from the period of 2007-2010 where there were entire floors of vacant condos – which causes seasoned renters to think the market is actually worse than it is. Rental inventory changes weekly, and there’s still adequate supply for renters looking in Brickell, Downtown and Miami Beach. It’s just not like it was in 2009, where you had your pick of dozens of similar condos.
4. New Construction is not a factor – yet Yes, thousands of new condo units are coming online in the next 24-36 months, and rental market will absorb them quickly. But those condos won’t be available for another 2-3 years – so study the inventory, decide where you want to live, and be decisive when you find a place you like. Many rentals get multiple offers within a week of listing, so you have to be decisive, and come prepared to sign an offer.
For feedback, comments, suggestions or complaints, visit us online at contact@ miami apartment finders.com or call us at 305-305-2787