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Monday, May 14, 2007

Miami rentals tendency

In the today’s Miami real estate rental market renters are in a stronger position. Even though in Miami the vacancy rates are still pretty low, there is an up tendency. The vacancy rates are in 3.9 percent and they used to be in 3.4 percent.

Rental rates are also starting to regularize; nonetheless, they are going to grow like 4 percent this year. Yet that growth is less than the 13 percent in 2006 and 8.4 percent in 2005. Another good news for renters is the return of incentives from landlords who desperately need new leases. What is happening is that around 400 new condo buildings are being constructed right now which means that it is going to be a lot more to offer. Landlords do not like to give incentives unless they see their occupancy rates are going down.

The traditional landlord is now facing a new sort of competition, condo owners. Most of the new condo owners never plan to rent their Miami condos out, but they are trying to pay their mortgages trough renting while they wait for the activation of the real estate market. In fact, the condo owners are realizing that renting their apartments gives them a very interesting income that allows them to pay their mortgages. Some of them are making more money renting than if they have sold their units.

In spite of the new condos offer, developers are sure that there is a lot of demand for rentals since the price of buying a house is still high for many people, so they do not have any other choice but to rent.

At the end, Miami is still expensive, yet there are more choices for renters. Landlords can still be sure that they are going to have demand for the year to come, but they might have to do some changes and give some incentives.




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