Tuesday, July 16, 2013

Service Sector Job Gains, Long-Term Trends Buoy Miami, FL




MIAMI, FL – Marcus & Millichap’s second-quarter data shows several factors support Miami-Dade County’s place within the upper tier of apartment markets in the country.

 The number of workers in service industries has exceeded its pre-recession peak and is growing, though job creation in other employment sectors remains lackluster.


Additional residents employed at shops, bars, restaurants and hotels are lifting several segments of the local economy and sustaining low apartment vacancy. Also, housing affordability has improved throughout the South Florida region, but the homeownership rate has declined, expanding the pool of potential renters.

The entire region, and Miami-Dade in particular, could also see a surge in housing demand if immigration reform is enacted. While prospects for a prolonged period of steady rental housing demand appear strong, new construction could create some occasional swings in vacancy as new projects are stabilized.

Scheduled additions to supply this year and beyond, however, are a benign 2.2 percent of existing stock, minimizing the potential market-wide impact of development.

Although expensive high-rise condos are forming on the waterfront, building rentals remains challenging due to limited land and higher costs to transport construction materials from outside of the state.

Sales dollar volume topped $1 billion over the past 12 months, the first time that threshold has been breached in seven years.

 For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax


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