Multi – Family Rental Inventory is on the decline
The research firm Reis reported that the South Florida multi-family market started the year off with an up swing. Both Ft. Lauderdale and Palm beach show a slight decrease in inventory avaialble and the rental rates have inched upwards. Vacancy rates dropped by 0.1% in Ft. Lauderdale and also dropped in Palm Beach by 0.4%. Miami’s vacancy rate was up 0.6% to a rate of 6.4%, in the Miami Metro Area .Accross the nation the vacancy rates remained flat while rental rates increased 0.3%. Out of 79 metro areas researched by Reis 50 saw rental rates increase. The largest rental rate increase was in Miami posting a 1.6% increase.
This is great news for landlords who had been seeing rental rates drop due to high inventory; however, tenants are still benefiting from excellent deals in the rental market.
Log on to miamirentseekers to find your next rental property.