Greater Downtown Miami condo rents surge

Miami /
Apr.April 16, 2014 01:30 PM

Greater Downtown Miami enjoyed a surge in rental rates over the last five years, but the market is starting to level off.

Increased employment is helping downtown condo owners fill up their units with renters. CBRE senior vice president Gerard Yetming told Miami Today condo rents are up 32 percent from 2009 levels. He cited the Multiple Listing Service and Miami Downtown Development Authority as sources for the rental data.

“The demand will continue to be driven by population growth,” Yetming said.

EWM Realty International vice president Denise Sicuso points out that condo rates are flattening, however. Citing EWM’s TrendGraphics/Facts and Trends study, Sicuso said Greater Downtown’s condo rents only increased by a fraction from the first quarter of 2013 to the first quarter of 2013.

“We’re now in the process of getting the first wave of new construction delivered,” Sicuso said. “It’s quite possible that, going forward, we will see the Brickell/downtown rental market soften when the construction is completed around 2015-2016.” [Miami Today]Eric Kalis


Related Articles

arrow_forward_ios
Ken Griffin, Development
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
From left: Property Markets Group's Ryan Shear, Kevin Maloney and Dan Kaplan with Elser Hotel & Residences
PMG, Greybrook score $235M refi of downtown Miami project
PMG, Greybrook score $235M refi of downtown Miami project
Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
Lease roundup: Quest takes space at One Biscayne Tower & more
Lease roundup: Quest takes space at One Biscayne Tower & more
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Black Lion's Robert Rivani with One Thousand Museum
Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
Robert Rivani’s Black Lion snags One Thousand Museum restaurant space
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Grand Peaks Properties' Luke Simpson and Nick Simpson; renderings of the proposed Empire Brickell project (Corwil Architects, Grand Peaks Properties, Getty)
Grand Peaks proposes 26-story apartment tower in Brickell
Grand Peaks proposes 26-story apartment tower in Brickell
Moishe Mana, 48 East Flagler Street (left) and 76 East Flagler Street (right) (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
arrow_forward_ios

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

Loading...