Demand for multi-family housing continues growth in Miami-Dade County

Miami-Dade County’s multi-family vacancy is projected to decline 60 basis points to 4.1 percent this year, according to a report from Marcus & Millichap. Asking rent growth is also expected to increase, with a projected gain of 3.2 percent for the year to $1,109 per month. Miami’s apartment sector improvement is being driven by several factors, including recently-employed residents and new arrivals looking to rental housing. Rental properties in the county’s beach areas have proven particularly strong, although submarkets further west like Hialeah and Brownsville have also seen gains from an improved job market. But while vacancy is continuing to fall, its growth is starting to slow, after a 100-basis-point drop in 2011. — Alexander Britell

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