It’s all about location, location, location. Even within Miami’s core, rental rates will vary by sub-areas.
“A rental unit that is located in an area that affords convenience to where people are going to work, eat and play will command a rent premium, especially newer units,” said Denise Sicuso, managing broker of EWM’s Brickell office, in a Miami Today News article.
Ms. Sicuso told Miami Today that, according to EWM’s Facts & Trends and the MLS, condos for rent in Brickell Key, Brickell Avenue between 15th Road and Fifth Street, and in the downtown area, were commanding almost $2.50 per square foot in the fourth quarter of last year.
Meanwhile, condos on Brickell Avenue south of 15th Road and just outside of downtown, in Wynwood and the Design District, are fetching just under $2 per square foot in monthly rent.
The same article makes mention of the lack of new inventory released on the market in the last five to six years. Combined with limited financing available for those wishing to buy, this has made the rental market extremely competitive.
Once some of the condo towers that are in-the-works for downtown Miami are completed and more units become available, rental rate increases are expected to level off.