With the housing market in full recovery mode, Miami is expected to see a boom in the multifamily housing market.
"There's a boom in Miami that we've never seen before," said Stephen Ross, chairman and founder of Related Cos. and owner of the Miami Dolphins at the Bloomberg Commercial Real Estate Conference. "Miami is probably the hottest real estate market in the U.S. from a residential perspective."
According to Bloomberg, Witten Advisors projects that about 3,000 rental units could be added to Miami-Dade County each year through 2015.
The region is expected to see an increased amount of rental demand, as Miami's population increased 2.1 percent in 2011, according to U.S. Census Bureau data – the largest bump in at least 10 years.
Coupled with the rising population, tight mortgage lending could lead to an increasing amount of rental applications for Miami area landlords. Tight lending has kept many Americans from being able to purchase a home, which has made them turn to rental properties.