Apartment rates, supply and demand on rise countywide
apartment rates, inventory and demand are on the rise in Miami-Dade,
say market analysts.
county's inventory has grown by more than 2,000 units over the past
several months, says the first quarter 2000 issue of Real Estate Market
Profiles compiled by The Meyers Group. The profile tracks activity
at 184 apartment communities with 54,664 units.
hundred units have been removed from county inventory, the profile
says, largely due to condo conversion projects under way at three
communities Palm Court in Sweetwater and Club and Newport apartments
in Miami Lakes.
Meyers says, Miami's Dominion Tower took 28 of its 157 units off the
market for use by the University of Miami.
August 1999, the report shows, 1,384 units were completed in 15 communities
while construction began on 1,464 units.
rental occupancy rate is 97.3%, according to Meyers up from
95.4% last August. Net absorption during that period was 2,284 units.
The average rent countywide is $819 a 6% increase from February
highest rent increases, says Apartment Research Report, published
by Marcus & Millichap, were in the Miami Beach and Coconut Grove submarkets.
for multi-family housing in South Florida will remain strong,"
Marcus & Millichap researchers predict, "with solid employment
and population growth keeping vacancies relatively stable over the
interest rates are also creating a wider demand for rentals, the report
says but they may also discourage new construction starts as
the cost of construction financing also rises.
factor land for new construction is scarce means rents
will continue to escalate, Marcus & Millichap predicts.
Florida Multi-Housing News, CB Richard Ellis market specialists Jay
Massirman and Michael Stein say they anticipate increased development
despite the recent rise in interest rates.
rates still at historically low levels," they conclude, "and
a capital-abundant market, investors continue to have a large appetite
for multi-housing product in Florida."
is fast approaching full development capacity, the CB Richard Ellis
Meyers Group lists seven projects on the drawing boards around the
county that together would add about 1,400 units. Five of the communities
would be income-restricted for qualified persons needing affordable
Way Apartments, a 180-unit Renzi Development project in Miami.
15- to 20-story, mixed-use development by the Trion Group, also in
Villas, a 194-unit, 80% income-restricted community.
Brickell, a Related Group of Florida project with 130 income-restricted
Landing and Crossing at University, two projects in the Opa-locka
and Carol City submarket under development by Cornerstone Properties,
with a total of 650 units, 60% income-restricted.
Terrace in Doral, a 256-unit, 70% income-restricted project by Cornerstone.
Villas, Swezy Realty's income-restricted property in Sweetwater.