Brickell rents up 32% in 5 years and rising

Miami is a hot market for condo dwellers now that there’s more employment and new office spaces are bringing people with better jobs to the city, industry experts agree.

The Brickell/downtown area is nowhere near the peak of rental demand. The demand will continue to be driven by population growth,” he said. “A lot of people have a preference for an urban area where they can work, live and play. Report indicate thate rents in 2013 increased 7% from 2012. Rents are 5% higher than the actual, with condos averaging over the last six months at $2.35 per square foot. Prices were rising rapidly from 2010-2013 but have now leveled off.  The change in rental rates for condos was a half percent increase from the first quarter of 2013 to the first quarter of 2014. Rents per square foot vary according to the buildings and units themselves depending on location and building amenities, Ms. Sicuso said. Generally speaking, Brickell condo rents are a bit higher than across the river in downtown with the exception of some higher-end downtown buildings such as Marquis Residences, Ten Museum Park and 900 Biscayne. At Rilea’s One Broadway in Brickell, studios are renting for about $2,000 monthly; one-bedrooms $2,200-$2,500; two bedrooms $2,800-$3,200; and three bedrooms for $4,000. Brickell has many more restaurants and amenities with City Centre bringing new retail,” Mr. Ojeda said. “There’s more employment with new office buildings bringing people with higher-paying jobs and others in the suburbs who don’t want to commute an hour to get to work. Prices are definitely up about 20 cents per square foot per month from last year. Using data compiled by the Miami Downtown Development Authority, prices per square foot were $1.80 per month in 2008; $1.60 in 2009; $1.58 in 2010; $1.57 in 2011; $1.80 in 2012; $2.05 in 2013; and $2.25 for the beginning of 2014.

If you’re renting from an absentee landlord (possibly one who lives in another country), you’re on your own, whereas in a building with a maintenance staff, you have amenities.

Lazaro Lopez , Fortune International Realty

http://www.MiamiPropertyConsultant.com (786) 525-9430.