Tuesday, May 22, 2012
Miami tops South Florida apartment market
Miami continues to be the strongest apartment market in South Florida, according to a second-quarter report from Marcus & Millichap. With plummeting vacancies and the “gradual restoration of rents to former peaks,” Miami-Dade County is leading the tri-county area, in large part due to increased tenant demand. Further expansion in service employment will help lead to a projected 60-basis-point decline in the vacancy rate this year to 4.1 percent. The county’s vacancy fell 100 basis points in 2011, according to the firm. Asking rents are projected to rise 3.6 percent per month, with effective rents projected to increase 4.3 percent per month this year.