Developers find rentals an alluring proposition

Miami /
Sep.September 09, 2013 12:00 PM

South Florida’s new condo market is built with renters in mind. After the loss of thousands of rentals to condo conversion during the last real estate boom, and resurgent market focused on luxury condos, 13 new rental apartment projects with 3,508 units were developed recently in Broward and Miami-Dade, with another 9,841 units on the way, the Miami Herald reported, citing a pipeline report from the Fort Lauderdale-based Hunter Group of Institutional Property Advisors.

Despite a revival of condo construction, unit inventory remains tight, and with many people either unable or unwilling to buy, rentals have become an attractive prospect for developers and yield-chasing investors.

SkyView, a 32-story tower that opens in mid-September developed by Miami-based Melo Group, exemplifies a new generation of rental developments emerging in South Florida.

Just like during the last cycle, Jorge Pérez’s Related Group is leading the pack. Related has 13 market-rate rental projects with about 4,000 units in the works, the Herald said. [Miami Herald]Emily Schmall

Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...