If you thought living in Downtown Miami was a distant dream, think again. 2017 comes bearing great news for those who’ve always wanted to live close to the urban core but couldn’t afford it. You will now be able to rent a Downtown Miami condo or apartment at much less than the usual (at least according to a “flash report” by the Downtown Development Authority).
The Greater Downtown Miami Residential Market Study found that 3,775 apartments are set for delivery in 2017, significantly higher than the 2,774 Downtown Miami condos. This means that there will be an influx of rental apartments this year, making it a renter’s market. With more options on hand, renters will have better negotiation power and eventually be able to drive rates down.
What’s taken the sheen off Downtown Miami condos?
Slumping condo sales, a strengthening dollar, and a lack of land have got developers scurrying for the multifamily market. As a result, rental apartment deliveries have been steadily rising since 2014, giving them ample opportunity to sneak past condo deliveries this year. Some rental projects expected to be delivered in 2017 include Midtown Five, Panorama Tower, Broadstone at Brickell and probably Met Square.
The shift in dynamics can already be felt with condo leasing prices falling down to an average of $2,590 in the third quarter of 2016, a decline of 3.2 percent from its previous quarter, according to the Miami Herald.
It’s going to be a renter’s market in 2017.
