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

Miami /
Jan.January 21, 2015 05:02 PM

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.

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


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...