Apartment construction rises, but Miami inventory way behind peak: report

Miami /
Nov.November 17, 2014 12:00 PM

While multi-family construction is on the rise, Miami-Dade County’s rental inventory remains nearly 19,000 apartments behind the market peak established 13 years ago, a new report from Marcus & Millichap shows.

With most of the county’s new condo and single-family construction aimed at high-end buyers, rentals are still the most realistic housing option for the broader Miami-Dade market, according to the firm’s fourth-quarter Apartment Research Market Report. Developers are on pace to add 2,900 apartments to the county in 2014. That would exceed 2013 construction by 425 units.

Marcus & Millichap forecasts a small vacancy decline in Miami-Dade from 3.3 percent in 2013 to 3.2 percent in 2014. Rents are expected to rise 3 percent to $1,244 per month. The county had a 6.4 percent surge in monthly rents in 2013.

Multi-family property sales are increasing throughout Miami-Dade. In the past year, transaction velocity jumped 30 percent. Smaller investors are taking advantage of improved access to debt, with sales of communities with 50 units or less rising 35 percent. — Eric Kalis


Related Articles

arrow_forward_ios
Marcus & Millichap's Ryan Nee and Harrison Rein (R & B Realty Group, Marcus & Millichap, iStock)
Marcus & Millichap moving Miami office to Gateway at Wynwood
Marcus & Millichap moving Miami office to Gateway at Wynwood
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Harlan Goldberg, Ricardo Esteves and Jacky Sasson
Movers & Shakers: Bespoke promotes managing director & more
Movers & Shakers: Bespoke promotes managing director & more
From left: Michael Helpern, Richard Hottinger and Norma Jean Callahan
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
David Purisch and Duff Rubin
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Michael Betancourt, Tyler Kuhlman & Dustin Ozga
Movers & Shakers: Colliers hires new brokerage director & more
Movers & Shakers: Colliers hires new brokerage director & more
Mihaela Coprean and Alfonso Costa Jr.
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
arrow_forward_ios

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

Loading...