Developers
are really busy these days as there is an increasing demand for Rental
properties in Miami. This could be a golden opportunity for investors who would
like to see a quick safe return on their investment. Miami’s roller
coaster real estate market is booming again after its worst crash left dozens
of unfinished buildings and failed condo projects.
Related
Group of Florida, Adler
Group and Area Property Partners LP, are among builders developing amid a
shortage of rental properties as the economy improves. The average rent for a
two-bedroom apartment increased 6 percent to $2,568 a month in the third
quarter, compared with the year ago period, according to Condo Vultures LLC, a brokerage and
consulting firm.
“There’s
a boom in Miami that we’ve never seen before,” said Stephen Ross, chairman and
founder of New York-based Related Cos. and owner of the Miami Dolphins football
team, at the Bloomberg Commercial Real Estate Conference in New York on Nov. 13.
“Miami is probably the hottest real estate market in the U.S. from a
residential perspective.”
With most
of the unsold, unoccupied condo towers that dominated the Miami skyline as
recently as two years ago converted to rentals, the number of multifamily
developments is soaring, according to Dallas-based Witten Advisors LLC. The research firm
forecasts as many as 3,000 rental units per year may be added through 2015 in
Miami-Dade County, which includes the metropolitan area and downtown, more than
double the average annual totals of the past three years.
Rental
activity in greater downtown Miami, including for condos and apartments, jumped
12 percent in the third quarter to 1,650 from a year ago, Bal Harbour,
Florida-based Condo Vultures estimates. *Notes taken from Nadja Brandt in an article for Bloomberg.com
To Buy, Sell or Rent Properties in Miami go to http://www.JuanSolerRealtor.com
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