South Florida apartment rents increasing faster than most of U.S.

Miami /
Dec.December 03, 2014 05:00 PM

Apartment rents are increasing in South Florida at a quicker pace than most of the country’s biggest metro areas.

In the third quarter, Palm Beach rents rose 5.3 percent from the same time in 2013, placing the county ninth among the 50 biggest metro areas, according to MPF Research. During the same period, Broward rents grew 4.4 percent, a 13th nationally.

The housing bust created growth in apartment rentals as owners began renting out units in large numbers.

The country’s rent growth was led by Oakland, Calif., with 9.1 percent; the national average is 3.7 percent. The continuing recovery of the housing market is expected to reduce demand for rentals, the South Florida Sun Sentinel reports.

However, rentals are expected to remain popular with millennials. Jay Parsons, MPF’s director of analytics and forecasts, said to the paper: “It’s certainly not going to knock it off a cliff.” [South Florida Sun Sentinel] — Chris Guanche


Related Articles

arrow_forward_ios
Eric Hassberger and Matthew Vander Werff with an aerial of the property
AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Related's Jorge Pérez and Jon Paul Pérez, Teddy Sagi and a rendering of the White House Inn
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Developer of Pompano Beach apartments scores $62M construction loan
Developer of Pompano Beach apartments scores $62M construction loan
Developer of Pompano Beach apartments scores $62M construction loan
Raimundo Onetto, CEO of Alta Developers, with a rendering of the project (Behar Font & Partners, Alta)
More apartments on tap: Alta nabs $77M loan for project near Pinecrest
More apartments on tap: Alta nabs $77M loan for project near Pinecrest
Melo’s second downtown Miami apartment project scores $75M construction loan
Melo’s second downtown Miami apartment project scores $75M construction loan
Melo’s second downtown Miami apartment project scores $75M construction loan
arrow_forward_ios

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

Loading...