Due to supply and demand, the average rent in Miami is expected to climb precipitously in the near future, according to experts at a broker-sponsored panel discussion earlier this month.
Real estate developer Harvey Hernandez express an opinion that a small two-bedroom apartment in downtown Miami may soon go for a much as $3,150 per month. His, and other predictions, were delivered at a CBRE Group discussion about the condo construction boom.
Presently, renters are paying $2.25 to $2.50 per square foot, but as demand overtakes supply, that figure will likely change to $3.25 per square foot. Hernandez suggested that developers would be producing smaller apartments, around the 900-square-foot range. Although this would be a sharp increase it would alleviate severe ‘sticker shock’ for housing shoppers.
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Hernandez was not alone in his assessment of the Miami rental market. Carlos Rosso, condo division president at Related Group agreed that as the economy continues to recover, Miami rents will continue to climb as South Florida in general sees an influx of people shunning the suburbs in favor of city living.
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