5
Apr2011
Greater Downtown Miami Market Update
300 Leases Signed Monthly In Greater Downtown Miami In 2011
Published 4/3/2011 by CondoVultures.com
Nearly 750 condos are available for rent in the Greater Downtown Miami area at an average asking price of more than $2,750 per month, according to a new report from CondoVultures, a real estate consultancy and marketing company based Bal Harbour, Florida.
As of April 4, nearly 600 units are under contract and waiting to be leased. The average asking price of these pending deals is $1,900 per month.
In the first three months of 2011, tenants have leased nearly 915 condos in Greater Downtown Miami at an average price of about $2,190 per month, according to the analysis based on Florida Realtors association data.
Compare this to the same three-month period in previous years.
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In 2010, tenants leased 850 condos in Greater Downtown Miami at an average price of nearly $1,820 per month. In 2009, tenants rented nearly 770 condos at an average monthly rent of $1,750 per month. A year earlier in 2008, tenants rented about 600 units at an average monthly rent of nearly $1,850, according to the report.
Of the Greater Downtown Miami condos available for rent, nearly 260 of the units have one bedroom with an average asking price of $1,855 per month. An additional 380 units have two bedrooms at an average asking price of $2,800 per month.
There are about 75 units with three bedrooms that are available at an average asking price of $4,100 per month. Some 15 units have four bedrooms, or more, with an average asking price of $11,900 per month. Another 15 studios are for rent at an average asking price of $1,500 per month, according to the data.
Foreign buyers and institutional investors have focused their attention on acquiring more than 80 percent of the nearly 22,250 units that were constructed in the area during the real estate boom.
At the end of 2010, some 3,600 new condos were still unsold, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.
Greater Downtown Miami is a 60-block stretch from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Interstate 95 east to Biscayne Bay. The market is comprised of the neighborhoods of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor.