Increasingly Strong Demand For Miami Rental Properties Has Been Seen In The Third Quarter Of 2012
Tuesday, November 20 2012 @ 03:11 PM MSK
People who are interested in real estate within South Florida will find it interesting to see how the market for Miami rental properties is experiencing such a strong demand across the region as the overall economy shows consistent signs of improvement.
A few years ago, the market crash left many developers frustrated over development projects that they were unable to complete. However, things are much different now as the shortage of Miami rental properties has created the perfect opportunity for real estate developers to push through with plans that are sure to be well-embraced by the people who need more options on the market.
When it comes to previous development projects that were left unsold and empty, it seems that the vast majority of those properties have been successfully converted into rentals by their owners.
According to real estate figures, the average cost for a two-bedroom apartment went up by as much as 6 percent from the third quarter of 2011 to $2,568 a month during the third quarter of 2012.
Real estate experts predict an estimate of 3,000 additional units to be added each year through to 2015 across the Miami-Dade County area, including the downtown and the metropolitan area of the region. In fact, the demand for Miami rental properties within the downtown area increased by as much as 12 percent in the third quarter of 2012 in comparison to the third quarter of 2011.
Now that a significant number of developers are looking to take advantage of today’s demand for rental properties, people are curious about which locations are considered to be among the most attractive. As of now, the market has been seeing Coral Gables, Doral, Downtown, and even the northern section of the city to be among the top areas for multi-family developments.
Needless to say, waterfront locations are also considered to be among the top options for real estate developers since people who come to South Florida tend to do so in the hopes of being able to indulge in the waterfront luxury of the region.
Given the current situation, rental rates are expected to increase all the way through to 2017. The rate of annual growth reached its peak in the second quarter of 2011 at 5.1 percent. By the end of the year, values could rise by as much as 4 percent.
If you would like to find out about the best deals on rentals within the region, or if you are interested in learning more about the availability of Miami rental properties on the market, you may contact a professional real estate agent for further details.