Home Prices Caused Rent to Skyrocket?

Home Prices Affecting the Rental Market in Miami, FL



Home prices in Miami-Dade keep rising, with no sign of leveling off. As indicated by the Miami Association of Realtors, the middle cost of single-family homes in Miami came to $360,000 in August — a 6.7 percent spike over a similar period a year ago and the 81st month of back to back development.

The shortage of homes in the $250,000-$350,000 price range, where most first-time home purchasers are looking, has turned into a blast for the rental market. In excess of 1.1 million individuals lease apartments in South Florida (counting Miami-Dade, Broward and Palm Beach), as indicated by the backing bunch National Multifamily Housing Council, and the aggregate number of rental family units in the zone is anticipated to swell to 700,000 constantly 2030.

Developers keep on building in the urban passage, from downtown to Wynwood to Edgewater, and the first in a rush of smaller scale units — small units pitched at twenty to thirty year olds — is expected for consummation in mid 2019.

Read the Original Article Here: What questions do you have about renting in South Florida?

About the Author
For Raymond Goirigolzarri, real estate is more than just a business, it is an inspiration. “Building a business that helps people achieve their dreams is so satisfying and rewarding,” says Raymond. “To many families, including my own, real estate promotes positive growth and human development. Whether they are seeking to find the home where they will raise a family, a vacation property in which to make special memories or make positive investments that will raise their quality of life, real estate is much more than just a transaction to many people and I am proud to play a part in that for my clients.”