Miami-Dade County’s residential rental industry remains in demand, according to local real estate experts.
The one and two stars, and even three stars, which are more entry-level rentals, remain a very tight inventory, according to Carlos Villanueva, a managing broker for The Keyes Company.
“Overall, we’re seeing on average vacancy rates around 5.1% across the board,” Villanueva said. “But we’re seeing the greater vacancies are in the Class A product, which is even more luxury rentals and are in Brickell and Coral Gables.”
In what’s referred to as four- and five-star properties, which are more high-end luxury, Mr. Villanueva explained, there has been a bit of a slowdown in absorption.
In November, around 20,150 rental listings were active, compared to 20,920 in October. The median rent for a one-bedroom was $2,097, a two-bedroom was around $2,605 and a median rent for a three-bedroom was an estimated $3,400, according to Miami Realtors Association and RentalBeast’s Miami Market Data.
“The entry-level, we’re even seeing it right around $1,400,” Mr. Villanueva added. “Again, I take the entire county from Homestead all the way to North Miami and Aventura. People are still moving to South Florida as a destination location. We’ve had significant employers coming down here like Citadel and others opening up shop here that are absorbing a lot of this inventory. Whether they’re renting or they’re buying, the demand continues to be fairly strong. The fact that we’re such a cosmopolitan destination and we’re tax-free when it comes to income tax makes Miami the epicenter of demand where people want to be.”
Source: Miami Today
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