With so much focus on Miami-Dade County’s preconstruction condo market, the strong rental performance in key pockets has flown under the radar.
Apartment owners in Coral Gables, Midtown and Edgewater are reporting increases in occupancy and monthly rents, Miami Today reported. An executive at Beztak Companies, one of the partners in a venture that owns 539 units in three Midtown buildings, said rents at the units have jumped from $1.80 per square foot to $2.25 in the last two years.
In Coral Gables, an executive at Gables Residential said 95 percent of the 248 units at Gables Ponce were leased between January 2013 and now. The company plans to start leasing the second phase of 119 units within the next month.
Pioneering Edgewater developer the Melo Group finished building rental tower 22 Skyview last fall. At the time, 80 percent of the tower’s 280 units were occupied. Today, only two apartments remain available. [Miami Today] — Eric Kalis