The apartment vacancy rate in Miami-Dade County is expected to rise and the rental rate to fall in 2010, a new national housing report from commercial real estate firm CB Richard Ellis says.
The vacancy rate is predicted to rise by 1.5 points to 7.4 percent, while rental rates in Miami-Dade would decline slightly, the report says.
The predictions in Miami-Dade are in contrast to other areas in South Florida. In Palm Beach County and in Broward County, the vacancy rates are projected to drop and rental rates remain steady. In Palm Beach, vacancy rates will fall by 0.6 points to 7.1 percent and in Broward by 1.5 points to 5.2 percent, CBRE said.
“Miami-Dade County continues to be influenced by the large amount of shadow inventory within the market. These factors are having less of an impact in Palm Beach and Broward counties where vacancy rates are forecast to rebound in 2010,” Robert Given, executive vice president of multi-family investments in the CBRE Miami office said. TRD