Miami Rental Properties In The Downtown Area See Rates Increase By As Much As 15 Percent In 2012
Miami rental properties are definitely a hot option on today’s property market. In fact, the quality and value that people can look forward to within the region seems to be on its way up as the rental rates that are being seen within prime areas such as Downtown Miami and Brickell are now 15 percent higher than they were in the previous year.
Needless to say, tenants are going to be somewhat surprised to see the increase in the rental rates. But it may prove to be something that everyone will have to deal with as the increase seems to be the same for other rental options. Tenants who are thinking of moving into other Miami rental properties may come to find the cost of moving to be higher than the cost of staying.
While there are many who will feel disheartened about the rise in cost of living within prime areas of the region, there are those who feel that the price is fair considering the quality of urban living that is offered in exchange.
Within the greater Downtown Miami and Brickell areas, the residential rental rates for every square foot had increased by as much as 10 percent in the first nine months of 2012 compared to the previous year. Meanwhile, the rates of Miami rental properties within the neighborhood of Brickell had increased even more drastically as the rental rates had increased by as much as 17 percent to $2,242 within the first nine months of 2012 compared to the same period in 2010.
According to real estate experts, the increase in rates is fueled by the strong demand for Miami rental properties alongside the fact that the Downtown and Brickell areas are becoming more popular now than ever before, especially since there are now so many new developments which include restaurants and entertainment options which help to create the very essence of urban living which is exactly what people today look forward to within those specific areas.
Even the new Brickell CitiCentre which is expected to set rise at 701 South Miami Avenue is creating a powerful impact in the popularity of the area as the $1.05-billion mixed-use complex is guaranteed to boost the overall appeal of the urban area.
A study conducted by the Downtown Development Authority revealed that over 95 percent of all rental properties within the Downtown area are now occupied.
If you would like to find out more information regarding the availability of Miami rental properties on today’s property market, you may contact a professional real estate agent for further details.