The real estate market in Miami-Dade remains highly competitive due to the high demand for properties in the city, both for rent and for sale. Despite the escalation of prices, those interested in acquiring a property in the city must be patient and willing to pay more for a home. However, the city offers a wide variety of investment options in different areas, making it one of the most attractive destinations for real estate buyers in the United States.
Keys:
The supply of rental or sale properties in the region is very limited compared to high demand. Despite more than 12,000 apartments being built in the South Beach area since last year, the supply for rent or purchase remains lower than the available or unoccupied sites. In addition, 71% of people who rent an apartment in Miami have renewed their contracts in recent months, indicating that those who already live in the city do not plan to leave anytime soon. Currently, it is estimated that 97% of rental places in the city are unoccupied, and real estate experts predict that the price escalation will continue in the Miami metropolitan area until the end of 2023.
It is important to mention that, although the region known as the Sun Belt, which includes Florida, California, Texas, and 15 other states, usually has more competition among real estate agents, in 2023 there was a shift and eight of the 20 most attractive rental points in the country are in the northeast. North Jersey is the only city that surpasses Miami as the most popular among those looking to rent a property.
The average rent for an apartment in Miami is US$2356 per month, according to RentCafe data. The price varies depending on the area, with Brickell Key being one of the most exclusive, with an average catalog of available properties of US$3392, while in Palmer Lake-Mia Station, Mays Gardens, and Westchester Park, prices are lower, with rents below US$1500.
The market:
In the context of the Miami real estate market, high demand has translated into a significant increase in prices. According to a report by the Miami Realtors Association, the average price of single-family homes increased 16.9% year-on-year in January 2023, reaching US$485,000. In addition, the supply of available properties has decreased by 16.7% compared to the same period last year.
The Miami real estate market is characterized not only by high demand but also by a wide variety of investment options in different areas of the city. The Brickell financial district, for example, is known for its modern skyscrapers and cosmopolitan atmosphere, while Coral Gables stands out for its historic mansions and Mediterranean style. In addition, the city has a wide range of luxury condos and apartments in areas such as Sunny Isles Beach and Bal Harbour, which attract international buyers interested in acquiring properties on the Florida coast. Investors also find opportunities in the most popular neighborhoods among millennials, such as Wynwood and Little Havana.
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