Miami’s real estate market continues to experience a high demand on rental properties. A 6 percent increase in the price of two-bedroom rentals to $2,568 per month indicates the consumer market is eager to shop. Miami is considered to be the hottest market from a residential perspective. More than half of the unoccupied units that dominated our skyline have now turned into rental apartments.
Witten Advisors forecasts as many as 3,000 rental units added to the market through 2015 in Miami-Dade County. Rental in the downtown area is much higher with a 12 percent increase, overall. What attributes to such high demand? Miami’s 2.1% population growth is definitely a factor amongst our sunny weather and fast growing- Hispanic market.