Miami apartments stabilize

Miami-Dade County’s apartment market is stabilizing, but vacancy rates will
remain in the mid-to-high five percent range through the end of the year
due to resilient demand for Class B/C units, according to the latest
report from Marcus & Millichap. Prices in the county are stabilizing
at levels that support rental operations. As far as construction, all
664 units slated for delivery this year were completed by the end of the
third quarter, although no rentals were added. Fewer than 2,000 units
will be permitted, well below recent annual amounts. The firm predicts
that, without significant job growth, reductions in the vacancy rate
will remain low into late 2011, with an approximate 40-basis point
decrease in vacancy for the year. TRD