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
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Miami's Quadro in the Design District (Quadro Residences)
Alta Developers begins closings at Quadro at Design District
Alta Developers begins closings at Quadro at Design District
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Mayor Carlos Gimenez (Credit: Joe Raedle/Getty Images)
Miami-Dade approves $10M emergency rent relief program
Miami-Dade approves $10M emergency rent relief program
Vacation rentals, gyms, fitness studios get the green light to resume operations in Miami-Dade
Short-term rentals, gyms, fitness studios can operate again in Miami-Dade
Short-term rentals, gyms, fitness studios can operate again in Miami-Dade
Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)
Miami Beach creates $550K rent relief fund
Miami Beach creates $550K rent relief fund
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
arrow_forward_ios

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

Loading...