The Real Deal Miami

Miami rental rates rose 9 percent in 2011: report

January 17, 2012 09:45AM

500 Brickell in Miami

Rental rates in South Florida increased by 9 percent in 2011, according to a report from Condo Vultures. A total of 4,900 condos, townhomes and apartments were leased in downtown Miami last year, with rates rising to $1.86 per square foot. In downtown Miami last year, tenants rented approximately 410 properties each month. As of Monday, there were 765 rental listings in the area. In 2010, the average rental rate was $1.70 per square foot, after rising from $1.51 per square foot in 2009. — Alexander Britell