Miami apartment market stabilizing

The Miami apartment market actually possesses one of the lowest vacancy rates among the nation’s large metropolitan areas, according to the third-quarter Apartment Research Market Update from Marcus & Millichap. A modest pace of job growth has helped stabilize the fundamentals of the Miami-Dade County apartment market in the first half of 2010, although a sustainable improvement is unlikely until 2011. Because unemployment has stayed high, only gradual improvement in vacancy and rents will occur until the economy improves. Vacancy could rise to 6.4 percent for the county this year, the report says. TRD