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Miami-Dade and Broward show strong apartment markets for 2015: Report

Supply and demand for Miami-Dade apartments from Marcus & Millichap 2015 National Apartment Reports
Supply and demand for Miami-Dade apartments from Marcus & Millichap 2015 National Apartment Reports

Miami-Dade landlords can expect another strong year with rents forecast to rise more than 4 percent, according to a new study. Rents rose 3 percent in 2014.

Vacancy rates are expected to rise slightly to a still-low 3.5 percent, driven by an increase in finished construction units.  

But apartments will still be in demand with an expected increase of 35,000 jobs in Miami-Dade during 2015, according to the Marcus & Millchap National Apartment Report.

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Overall, Miami-Dade ranked ninth nationwide, up four places from last year and atop all other Florida metros.

Broward County ranked 26th overall in the report.  The county’s vacancy rate is forecast to rise 5.1 percent and 4,000 new units are expected to finish in 2015, the largest number in 15 years.

But 25,000 new jobs will buoy rents, which are expected to jump 4.7 percent in 2015, making rents 24 percent higher than the low six years ago, according to the report. — Kristina Puga

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