The Miami DDA has released it summer residential market research report. Some key points include:
- Nearly 90 percent of the new residential units built duirng this cycle have been absorbed, which has fueled rising prices for condos as well as rental rate increases for apartments
- Pricing for existing condos is up nearly 7%
- Rental rates for conventional apartments are up by as much as 10.5% for single bedroom units
- Supply is stable and absorption is strong
- Less than 1,900 units have been delivered so far during this cycle
- 86% of those units having been absorbed; another 8% are set to close in the next 60 days
- Lower rental rates may be coming
- The delivery of 3,000 new units by mid-2016 will represent the largest supply increase in a decade, presumably leading to price stabilization
For more detailed information, view the full report here.