Miami Apartment Rents Hit Renaissance Levels
Miami's apartment rents continue a renaissance trend upwards as more “renters by choice” enter the market, according to an apartment listing service. Abodo.com reports average rents for one-bedroom apartments in Miami jumped 9% in October to $1,891/month, more than a $100 climb from September, and a $300/month jump from October 2015.
In fact, the jump in rents was so strong, Miami led the nation this month in average apartment rent rate increases, says Abodo's Sam Radbil. And the reason may surprise: Many of the city's apartment renters do so out of choice, not because there's a lack of financial options, such as owning a home, Sam says.
Not only are Millennials seeking apartments in Miami's urban centers, but also another important demographic.
“We're seeing a lot of Baby Boomers, people who want to downsize, people who have family or kids who are now in college. That group of renters people often forget about,” Sam says.
While the pipeline of more than 16,000 new apartment units in Miami could moderate future increases in apartment rents, Sam says, “we do expect continued growth there.”