Despite an 8% increase in median rental rates in Downtown Miami real estate, leasing transactions also increased by 5% in 2012, when sided against the previous year?s market statistics.
The real estate market in Brickell and Downtown Miami have experienced a steady uptick for the past three years, according to a Market Intelligence Report released by Condo Vultures. In 2012 for example, 5,300 residential units were rented, whereas in 2011, there were 200 less ? totaling 5,100. Two years ago, this ?number was just 4,750 for 2010 leases in Downtown Miami.
In dollars and cents, the numbers for 2012 translate to a median of $1.99 per SF, compared to $1.85/SF ?in 2011.? The report postulates that rentals have stemmed from popular MLS marketing services.
Currently, there are an estimated 950 residential units on the market for rent. They?re expected to be leased within the space of? two months, as monthly rental averages are around 450 ? based on records from 2012.
To summarize the current prices of this inventory, 10 residential units for lease in Downtown Miami? are four-bedrooms with a mean rate of $2.95/SF; 115 are three-bedrooms with a median rate of $2.45/SF;? 465 are two-bedrooms with an estimated asking price of $2.20/SF; 315 are one-bedroom residences going for an average? of $2.45/SF, and a total of 50 studios will be rented for around $2.95/SF each.
Downtown Miami real estate encompasses over 60 blocks of NEW MIAMI, a part of which is Brickell and Biscayne Bay. These areas are Sydney Server Real Estate?s niche markets.
The current inventory includes Sydney Server?s listing, a Luxury Downtown Condo FOR LEASE at the Marquis Residence. Details include: 1100 Biscyane Blvd, Condo #4302. MLS# A1727471. 2BR/2.5BA FOR LEASE Price: $5,250. Monthly.
Contact Miami Realtor Sydney Server for more information.
Sources: Condo Vultures
Photo Credit: Miami Downtown Life
Daneil Fletcher for SydneyServerRealEstate.com
Authored by Sydney Server | Print This Post | Please Leave A Comment ? ?
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Source: http://blog.ewm.com/2013/01/28/condo-rental-market-inventory-and-prices/
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