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
Follow us at http://www.Twitter.com/mmreis
No comments:
Post a Comment