0
0
0

Is Miami’s Rental Market Cooling Off?

by Peter Thomas Ricci

The rental market in Miami has been red-hot for some time now, but is it finally tapering off? And what would that mean for homeownership?

rsz_miami_skyline_south

The average rent in Miami’s housing market is $1,233, and the area’s rental growth seems to be tapering off.

Those were the main findings in the latest report from Reis, which analyzed the nation’s rental markets through 2015’s third quarter.

We put together a series of graphs to illustrate Reis’ data. First, a look at average effective rents in the third quarter:

reis-apartment-data

At $1,233, Miami’s average rent is higher than Atlanta, Houston and Phoenix, but still substantially lower than Boston, Los Angeles and San Francisco, to say nothing of the mighty New York.

In terms of rent growth, Miami’s market is a step behind the rest. First, here is how rents have grown since 2015’s second quarter:

reis-apartment-data

At 0.8 percent, Miami’s growth was among the slowest among large metro areas, amounting to only a quarter of what San Francisco and Seattle have experienced.

The situation, though, is a bit different with 12-month rent growth:

reis-apartment-data

At 3.5 percent, Miami’s yearly rent growth is also relatively slow, though it is more inline with other metro areas.


Photo Credit: Creative Commons: joiseyshowaa. https://commons.wikimedia.org/wiki/File:Miami_skyline_south.jpg

Read More Related to This Post

Comments

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.