New Miami Apartment Buildings Are Filling Up As Fast As Elevators Will Allow (Coral Gables: apartments)

[BPt111]

Developers can’t keep up with demand for new apartments in Miami, according to a new report by Berkadia.

Demand for rental apartments in the area is so strong that the only limitation to how fast the new apartment buildings in Miami are filled is elevator capacity for tenant move-ins, the report said.

Developers are preparing to break ground on another 17,300 apartment units in the next four quarters.

The Downtown Miami/South Beach submarket has seen particularly strong demand, and developers will focus on that area.

More than one third of new inventory planned to break ground in the next year is in the coastal Downtown Miami/South Beach, North Central Miami, and Coral Gables/South Miami submarkets.


High demand has caused both rents and occupancy levels rise significantly in the last quarter.

https://www.thenextmiami.com/new-mia...rs-will-allow/

[WilliamInMiami]

They just built a large apartment building in the oldest, raunchiest part of Little Havana on SW 1st St and 7th Ave. 2BR rents start at $2,400. The median household income in Little Havana is $27,700. The way prices are rising nowadays I would hate to be a young working class person or couple just starting out. And I don't know how these immigrants from the southern border with an average of a 6th grade education are going to make it.

[Huasho]

Originally Posted by WilliamInMiami

And I don't know how these immigrants from the southern border with an average of a 6th grade education are going to make it.

WoW.....Nice Reasoning if I may Say !!!!!! They're not interested in living there.....

[bale002]

Originally Posted by WilliamInMiami

They just built a large apartment building in the oldest, raunchiest part of Little Havana on SW 1st St and 7th Ave. 2BR rents start at $2,400. The median household income in Little Havana is $27,700. The way prices are rising nowadays I would hate to be a young working class person or couple just starting out. And I don't know how these immigrants from the southern border with an average of a 6th grade education are going to make it.

Two-three families and/or two-three generations per unit?

[elchevere]

Alternatively, finally ending the rent moratorium will create supply via eviction. The only question is do the evictees, presumably many who moved here during Covid, go back home from where they came or does our homeless problem increase and mirror those of other coastal cities in which it is dramatically worse??

[roadtrip75]

Originally Posted by elchevere

Alternatively, finally ending the rent moratorium will create supply via eviction. The only question is do the evictees, presumably many who moved here during Covid, go back home from where they came or does our homeless problem increase and mirror those of other coastal cities in which it is dramatically worse??

Very good question. I bet the people who are supposed to be thinking about this ... aren't.

[WilliamInMiami]

Originally Posted by elchevere

Alternatively, finally ending the rent moratorium will create supply via eviction. The only question is do the evictees, presumably many who moved here during Covid, go back home from where they came or does our homeless problem increase and mirror those of other coastal cities in which it is dramatically worse??

With over 10 million American renters behind in their rent, the eviction situation should be interesting since landlords have a database where they list deadbeat renters.

[Mcginty74]

Originally Posted by WilliamInMiami

With over 10 million American renters behind in their rent, the eviction situation should be interesting since landlords have a database where they list deadbeat renters.

I would question if that is actually true. Can I ask where you got this information?