FYI Miami: September 2, 2021
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
CHARGING STATIONS: Cell phone charging stations are to become a feature at countywide parks, a report from Mayor Daniela Levine Cava says. The county’s Parks, Recreations and Open Spaces Department has agreements already with Florida Power & Light for a charging station at Tropical Park, a solar picnic shelter at Zoo Miami, and a solar bench at Briar Bay Park with cell phone charging ports for public use. Now the department is in talks with goCharge, a cell phone charging station provider, and is exploring partnership with UnitedHealthcare or T-Mobile for the installation of cell phone charging stations within county parks. Although the county’s Home Rule Charter restricts private commercial advertising in a public park, an entity partnering with the county to install and maintain cell phone charging stations could include a logo and statement of sponsorship on a sign or plaque, the report says.
RENTS SHOOT UP: South Florida apartment rental rates rose 5.3% in the second quarter of this year to average $1,831 per month, according to a new report from Berkadia commercial real estate. In Miami-Dade, the highest average rent increase year over year was 9.4% in Northeast Miami. The lowest year-over year rent increase was 3.1% in Coral Gables and South Miami, the company reported. Other increases in the county: downtown Miami and South Beach, 4.6%; Hialeah and Miami Lakes, 4.6%; Homestead and South Miami-Dade, 6%; Miami Gardens, 5.6%; North Central Miami, 8%; West Miami-Dade and Doral, 7.2%; and Westchester and Kendall, 6.7%.
RENT RISES WILL SLOW: Looking ahead, says Berkadia in a quarterly report, apartment occupancy is forecast to decrease to about 95% in South Florida from today’s 96.5%, as more than 15,800 new apartments are expected to enter the market next year, driving down a heated demand. That, the company says, means rents will increase a bit more slowly, to about 4% in 2022 and from 2% to 4% per year from there on out, “in line with the annual rent appreciation in the years preceding the pandemic.”
APARTMENTS ON THE WAY: Multifamily developers have 263 apartment communities in various stages of planning for South Florida, Berkadia reports. Of these, 56 multifamily developments representing a total of more than 17,300 apartment units “could break ground within the next four quarters,” the company says. More than a third of all these new units are planned for coastal downtown Miami and South Beach, North Central Miami-Dade, and the Coral Gables/South Miami area. In Miami-Dade and Broward, a total of 4,653 units are now under construction, with 19 of the projects in Miami-Dade.