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The Real Deal Miami

Rental rates rise in downtown Miami: report

July 19, 2012 10:30AM

There were a total of 1,250 residential leases in the second quarter of 2012 in downtown Miami, according to a report from Condo Vultures. That number represents a reduction of around 8 percent from the same period in 2011, a drop that coincides with a 12 percent increase in rental rates, according to an analysis by Condo Vultures’ CVR Realty brokerage. The median monthly lease price jumped to $2.02 per square foot in the second quarter, up from $1.80 in the second quarter of 2011. That number was $1.66 per square foot in 2010. There are more than 65 days of residential product still available for lease. — Alexander Britell