Rental rates rise in South Florida: report

The mean rental rate in South Florida’s coastal markets rose 11 percent in the second quarter compared to the same period in 2011, according to a new report from brokerage and consultancy Condo Vultures. The mean rental rate stood at $1.60 per square foot, according to the report, up from $1.44 in the second quarter of 2011. Leasing activity also increased by 2 percent in the same timeframe. The rate represents a significant increase from the $1.35-per-square-foot mean rate in the same markets in 2009. — Alexander Britell