Demand and Prices Rising for Miami Rental Properties

by Isaac Benmergui, Esq on February 28, 2013

Red$graph_cropMiami prices on residential rental properties are currently at their highest in five years. As South Florida’s housing market improves and more construction startups begin, demand for rental properties also increases and drives prices upward.

Last year, tenants leased an average 200 properties every day in the tri-counties of  Miami-Dade, Broward and Palm Beach counties; the median rental rate was $1,200 per month for 1,000-square-foot of living space. This rate reflects an increase of nearly 10 percent when compared to 2011; tenants leased roughly only 182 residential properties in that year.

Miami Area Residential Rental Inventory Down to 80 Days

With the current leasing pace, South Florida has only about 80 days of residential rental inventory available in the tri-counties, causing market speculators to anticipate additional price increases in the coming months because new rental developments are not yet available and may not be for years.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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