MIAMI, FL — So far this year in Miami-Dade County, the vacancy rate is in the low-4 percent range, and rents are rising, albeit at a minimal pace, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.(Top left photo shows Miami night skyline)
Unsold and unoccupied condos will be the greatest suppl
y-side force for the next several months, and the market’s strong performance measures may waver a bit as a result.“In the months ahead, buyers will continue to leverage the presence of excess condo stock to push cap rates higher, especially in the deals involving Class A assets,” says Kirk A. Felici, (photo at right)regional manager of the Miami office of Marcus & Millichap.
“Meanwhile, many older Class B/C properties held over several years may provide a quick upside for a new owner simply by raising rents to market rate.”
Following are some of the most significant aspects of the Miami Apartment Research Report:
· Employers will add 1,500 jobs this year, a 0.1 percent gain.
· Developers will complete 500 rental units, compared with no new projected delivered in 2007.
· Vacancy is forecast to end the year at 4.8 percent.
· Asking rents are projected to increase 1.1 percent to $1,129 per month.
· Effective rents are expected to add 0.6 percent to $1,069 per month.
For a copy of the complete Miami Apartment Research Report, as
well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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