I generally focus on residential sales in Coral Gables and Coconut Grove but it seems my team and I are being asked to assist with more and more rentals. Over the last few months, we’ve been consistently amazed how quickly our rentals get snapped up and how tricky it is to find our clients properties which meet their criteria and are well priced.
I presently have one Coral Gables rental located at 6825 Veronese Street available and have 3 showings just today. It won’t last long.
With rents rising at about 10% a year since 2010, many developers are jumping back into condo building construction.
The Miami Herald ran an article regarding the increase demand in the rental market in South Florida which stated that “a trend reminiscent of South Florida’s last condo boom and ultimate bust, rising lease prices are prompting developers to build – increasingly with bank financing — a new wave of apartment projects to capitalize on the spike in rents.
If the South Florida condo market returns to any form of normalcy, where most residents users can actually purchase units, many of today’s newly proposed rental projects would be expected to be converted into condominiums and sold off for a premium.”
WPLG, the local ABC affiliate, aired a story which also emphasized the increase in rental prices and mentioned the potential to easily slip back into the condo conversion bust. Watch the video for a quick recap.
I agree with the Realtor in the video who says if you are thinking of renting, be sure you to know what you want from a property and be prepared to make a quick decision as the better rentals are spoken for very quickly.