South Florida rents rise

With continued investment fueled largely by foreign buyers, demand for
South Florida apartments is growing, meaning increasing residential
rents, according to the Miami Herald. “I talk to a couple of investors
all over South America and they tell me they buy these condos and it
takes them about a week to rent them,” said Craig Studnicky, principal
of Related ISG. “Each and every month, the rents are going up.”
According to data from the Texas-based MPF Research, rent prices have
gone up by between 3 and 7 percent this year. And with a steady stream
of foreclosures on the way, the rental trend is likely here to stay. [Miami
Herald]