Greater Downtown Miami condo rents surge

Downtown Miami
Downtown Miami

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.

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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