Across the nation, rents have been increasing steadily. In 2013, the Miami apartment market skyrocketed because the limited supply of and increased demand for apartments pushed up rental prices. In fact, the average rent for an apartment in Miami increased a staggering 5 percent, and the average occupancy rate for apartment complexes in Miami reached an impressively high 97 percent.
In many cities in the U.S., rental vacancy rates plummeted after the economy faltered. Over the last few years, many people decided to rent because of apprehension over the uncertain state of the real estate market, and many others simply did not qualify for financing because most financial institutions drastically tightened their lending requirements. However, given the upswing in apartment rents, declining rental vacancy rate, and relaxed lending standards, it is definitely the time to consider purchasing a Miami condominium, either as a primary residence, vacation home, or as a Miami investment with the ability to generate a solid rental income.
Regardless of whether you are looking for a home to live in or are specifically seeking an investment property, the recent local and national statistics relating to apartment rents clearly demonstrate a positive outlook for the rental market. In addition, because rents are on the rise, renters may decide it makes more sense to buy. This potential increase in demand will start pushing home prices up even more. Plus, many investors, particularly from abroad, are getting in on the action, which is also contributing to the increased home prices, home sales, and apartment rents. A lot of good deals are out there so don’t wait too long to check out the inventory of Miami properties!