The Real Deal Miami

Rental market improving

January 18, 2011 10:06AM

Rentals might be the only part of the real estate market in South
Florida on the upswing. But while it means rents are rising, economists
say they could foreshadow the end of the housing crisis. “Significant
increases in rents at upper-class properties will raise market-wide
rental rates modestly,” real estate firm Marcus & Millichap said in a
fourth-quarter report. The region’s occupancy rate is around 95
percent, and rental rates are expected to jump 2.3 percent this year.
Miami-Dade’s rental prices went up to about $990 last year. Miami Beach
remains the healthiest market, with an average unit rent of $1,367. [Miami