Miami-Dade Renters Could See More Leasing Incentives as Supply of Rentals Outpace Demand over the Next Five Years
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade County is undergoing intense construction activity of apartment rentals at a level that is poised to outpace the current level of demand. With supply outpacing demand, renters could see a lot of leasing incentives. For property managers, leaseup periods could get longer than six months and […]
Pet-Friendly Multifamily Rentals Typically Rent Out for More and in Faster Time
By Gay Cororaton, MIAMI REALTORS Chief Economist During the pandemic, about one in five households or an estimated 23 million households adopted pets. However, pet adoption is waning, resulting in overcrowding in pet shelters. In Miami-Dade County, overcrowding has reached a crisis level such that the county was forced to close its animal shelters […]
Cash Buyers Prop Up Sales in the Jupiter-Tequesta-Hobe Sound Market Area in the First Half of 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist JTHS – Jupiter-Tequesta-Hobe Sound Market Report During 2024 Q2,the dollar volume of homes sales in the JTHS Market area totaled $1.66 billion, down 9% from the same quarter one year ago. However, dollar sales volume rose 1% in the first half of 2024 to $2.92 billion. The […]
Miami-Dade Office and Retail Properties are Top Asset Classes for Investors in the First Half of 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade Commercial Real Estate Report 2024Q2 In the first half of 2024, office and retail assets emerged as the investors’ favorites, while multifamily and industrial took a back seat, according to Miami Association of Realtors® (MIAMI) analysis of county property data. Dollar sales volume of the […]
Single-family Homes for Rent are in High Demand in Southeast Florida
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida Residential Rental Market Report – June 2024 Asking rents for single-family homes have held up more firmly than multifamily asking rents and single-family listings now account for a higher share of total rental listings, according to MIAMI MLS data and non-MLS data from Rental Beast, […]
Southeast Florida rental demand perks up in vacation spots and affordable markets in April 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida Residential Rental Market Report – April 2024 With the spring and summer seasons ushering in demand for short-term vacation rentals and permanent rental housing among movers, the number of multifamily units rented out rose 35% in April from the prior month in Southeast Florida, at […]
Miami-Dade County’s Commercial Real Estate Market Rebounds in Q1 2024
By Gay Cororaton, MIAMI REALTORS Chief Economist Miami-Dade Commercial Report – Q1 2024 – April 25, 2024 Sales of core real estate assets (multifamily, office, industrial, retail) in Miami-Dade County rose 15% year-over-year to $880 million in the first quarter of 2024. This is a turnaround compared to the 52% decline in sales in […]
Southeast Florida is Undergoing the Most Intense Multifamily Construction Activity Among Major Markets
By Gay Cororaton, MIAMI REALTOS Chief Economist Southeast Florida Residential Rental Market Report – March 2024 Southeast Florida is undergoing intense multifamily construction activity as the area continues to post strong job growth, sustained migration, and challenging affordability conditions in the for-sale housing market. In 2024 Q1, Miami-Dade County had the highest share of […]
Multifamily Asking Rents in Southeast Florida Inched Up in February 2024 After Months of Decline
By Gay Cororaton, MIAMI REALTORS Chief Economist Southeast Florida Residential Rental Market Report – February 2024 The decline in asking rents that hit Southeast Florida’s rental market in the second half of 2023 appears to have hit bottom. After asking rents on multifamily units declined in 2023 as more rental listings hit the market, […]
2024 Commercial Real Estate Outlook: Recovery & Opportunities
By Gay Cororaton, MIAMI REALTORS Chief Economist Commercial Real Estate Outlook_Cororaton_NTLA_March2024_Updated After taking a heavy beating in 2023, 2024 is poised to emerge as a recovery year for the commercial real estate market, with opportunities across asset classes and geographic markets. Fundamentals remain strong across most asset classes, with trouble concentrated in the office […]