Condo and Rental Prices Flattening for Miami Residents
by Sep Niakan | June 16, 2015
Condo prices and rental rates in Downtown Miami are leveling out after two years of the rates going up. This signals another change in the market’s supply and demand, according to DDA report.
The Q2 2015 Residential Real Estate Market Update, created by the Miami Downtown Development Authority and written by Integra Realty Resources, shows a new trend of correction in that particular market, even though there are complications with foreign currencies exchanging for the dollar.
“IRR-Miami’s research suggests that the residential downtown development market cycle is firmly in the middle of the cycle,” the report said.
Condo unit prices leveled off on average at $430 per square-foot. This is after a 16% increase in 2013 and a 22% increase in 2014.
The report was a second quarter report, which follows the first quarter report released in March. Comparing the two reports, it shows that rental rates are becoming more stable as there are new apartments entering the market. The leveling off of rates also applies to these apartments, as the rates showed a 5% increase in 2013, and an 8% increase in 2014.
“Conventional rental rates have remained level [year-to-date] in 2015, as new condo projects are being completed and listed within the rental inventory,” the report said. “Rental rate growth will be constrained in 2015-2017 as more condo projects are completed and delivered into the rental inventory.”
Photo credit: Graph - miamidda.com
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