Liz Kenneally, Realtor®
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Coral Gables Real Estate - Coral Gables FL Homes for Sale-Coral Gables Condos - Brickell Condos- Downtown Miami Condos - Dadeland Condos- Coconut Grove Condos-Miami FL

May 17th 2012

Posted By: Liz Kenneally @ 9:26pm In: Miami Housing Market

Did you read today's Herald? Rentals are in high demand and supply is very low. No Vacany Miami is the new sign of the times. Miami rentals

New apartment construction projects will soon be overtaking the Miami skyline.

Look at how quickly the Coral Gables luxury apartment building on Le Jeune and Ponce de Leon Boulevard is going up? I know of another rental development breaking ground in July at another location.

Why the sudden rush to rent in Miami?

The sudden rush to rent is due to a new segment of renters, previous homeowners. Homeowners who lost their home through foreclosure or sold as a short sale are renting. For now, their credit is impacted and buying a home is not a viable option for years to come. Renting is their option.

Add to the hysteria, the rental demand for the under 30 crowd who typically rent and the student market, particularly in Coral Gables, Brickell ,Coconut Grove, South Miami, Dadeland and Kendall areas.

The demand for Miami apartment for rent or houses is fierce with prospective tenants outbidding each other for a rental.

It will take awhile for the Miami housing market to shift into a balance market of ownership and rentals. In the interim, I keep working harder and preparing for the next market shift, apartment conversion to Miami condo sales. Yes, it will happen, again. I go on record.

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