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Rental Properties In Miami: Driven By Strong Demand, Becoming More Expensive In 2013

31 January 2013

Rental properties in Miami are considered to be such an amazing option, especially in the case of people who are not financially prepared to shell out the money that will be needed to purchase an actual home or those who are simply looking to stay within the region for a limited period of time.

Miami is a place that has always seen such a strong demand for rental properties since it is one of the most popular tourist attractions in the world today. Of course, there are also individuals who come into the region in order to further enhance their careers in the area since it is home to one of Florida’s largest financial and business hubs today.

But regardless of whether you are coming to the region in order to make your dreams a reality as far as your financial future is concerned, or if you are simply looking to be able to indulge in the luxury of staying within a world-class location that offers such a fabulous quality of living, you should definitely be aware of the fact that the market for rental properties in Miami is flourishing, most particularly within the Brickell and Downtown neighborhoods.

Rental Rates Are On the Rise

Over the last couple of months, numerous areas within the region have been seeing an impressive decline in the number of vacant properties despite the fact that prices have also been going up. Others would imagine that a higher price per square foot would lead to rental properties in Miami taking longer on the property market after finally being listed, but it seems that most options are gone in just a matter of one week!

In the neighborhoods mentioned earlier as being the ones with the most flourishing market for rental properties — Brickell and Downtown — the increase in price per square foot went up by 12 percent in nine months for Downtown while Brickell saw an increase of 10 percent over the same period of time in 2012.

Today, only less than 5 percent of all rental properties in those neighborhoods remain unoccupied.

Reasons For Strong Demand

Aside from the fact that the region is considered to be one of the most attractive areas within South Florida today, many are convinced that the popularity of Miami is due to the fact that it is simply one of the best places for people who are looking for a chance to experience luxury living at its best since there are now so many restaurants, cafes, and a superb selection of entertainment and recreational options available within the urban parts of the region.

Furthermore, the fact that people are finding it harder to get approval for mortgages is also one of the biggest reasons for such strong demand when it comes to the market for rental properties in Miami because people who would like to buy their own home are forced to rent one out until they are able to live up to the requirements established by lending groups.

The current situation within the region might not be favorable among people who are working under a tight budget, but the fact that the market is really seeing some major changes is definitely something that people will want to keep in mind when it comes to finding the best rental properties in Miami today.

 

Yaz Morgan
Rental Properties in Miami

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