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| Calum Weaver |
MIAMI, FL —
Cushman & Wakefield announced it has released its 2017 South Florida
Multifamily Recap.
The
semi-annual report, authored by Executive Managing Director Calum Weaver of Cushman &
Wakefield’s South Florida Multifamily Team, details the state of the
multifamily market in the three counties comprising South Florida — Miami-Dade,
Broward and Palm Beach.
“South
Florida multifamily sales continue at feverish levels,” said Weaver. “As new
supply gets completed and stabilized, developers are selling the newly
completed inventory at record pricing levels.
“An
increasing population, demographic shifts and higher single-family home pricing
are contributing towards strong rental demand. Despite all the new multifamily
construction, the demand for rentals continues to outpace supply.”
“Simply
stated, median home values are increasing at an even greater rate than rents,
making ownership even tougher and rental demand even stronger,” explained
Weaver.
“The median home value in Miami-Dade is now
over $330,000, meaning a renter who could afford a 10% down payment on a
median-priced home in Miami-Dade would have a mortgage around $2,000, $700 more
than the average Miami-Dade rental.”
The
multifamily debt markets remain robust with a plentiful options for potential
investors.
For more information on this news
release, please contact:
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