Miami apartment sector rising

Thanks in part to a sizable international buyer pool, Miami-Dade County’s apartment market will continue to see strong tenant demand and decreasing vacancy, according to a report from Marcus & Millichap. The firm predicts that “solid rental housing demand” will reduce Miami’s vacancy rate by 50 basis points to 4.4 percent, following an 80-basis-point drop in 2011. The low vacancy will also support a 3.6 percent jump in asking rents to $1,124 per month.Effective rents are also projected to jump to 4.2 percent to $1,081 per month — the most significant rent growth in years, according to Marcus & Millichap. — Alexander Britell