The Real Deal Miami

Miami multi-family market heats up

November 29, 2011 12:45AM

A multi-family building in Miami

Miami’s multi-family market, which has been the target of developers in
recent months, is in line for a strong year, according to a report from
Marcus & Millichap. The firm projects vacancy in Miami’s apartment
market to fall to 4.9 percent, following a 40-basis-point drop in 2010.
Asking rents are slated to rise 1.1 percent, according to the report, to
an average of $1.080 per month. Asking rents rose 2.6 percent in 2010.
Builders are projected to deliver 273 new units this year, following the
completion of 664 units last year, with another 550 rental units under
construction and scheduled for delivery in 2012. — Alexander Britell