search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
Popular
South Florida

Industry leader sees Miami rent surge

Harvey Hernandez, managing director of Newgard Development Group.
Harvey Hernandez, managing director of Newgard Development Group.

Rents in Miami are set to soar, according to developer Harvey Hernandez, who is banking on $3,150 a month for a smallish two-bedroom apartment in downtown Miami becoming the new normal.

“We’re not going to have enough product to cover the demand,” Hernandez said, citing predictions for a population influx in the area. “I think we’re going to touch $3.50 a foot at least.”

Sign Up for the undefined Newsletter

Currently, rents range from about $2.25 to $2.50 per square foot, according to the Daily Business Review.

As a result, Hernandez suggested at an industry panel discussion sponsored by CBRE that developers start thinking smaller. A 900-square-foot, two-bedroom would be a good size going forward, Hernandez said.

Hernandez is in charge of two large projects under construction: the 37-story loft-style Centro tower in downtown Miami and the 46-story BrickellHouse in the financial district. [Daily Business Review] – Christopher Cameron

Tags
Harvey Hernandez