The Real Deal Miami

Investors compete for Miami-Dade County apartment units

May 04, 2011 10:31AM

Bidding for Miami-Dade apartment properties increased at an accelerated
rate in the first quarter of 2011, with upper-tier assets leading the
recovery, according to a report from Marcus & Millichap. Class A
rentals in the South Beach and North Miami/Bayshore submarkets have
performed particularly well. The report predicts vacancy to fall to 4.7
percent, the lowest level since early 2008, thanks to demand for Class A
units and a projected increase in Class B and Class C occupancies.
Following a 2.6 percent increase last year, rents could see a 3.6
percent increase to $1,106 per month. TRD