The rental apartment market in Miami is in the midst of a boom that has inspired many real estate analysts to deem it the hottest market in the country, according to Bloomberg.
The real estate crash in Miami that left hundreds of apartment and condominium developments to shut their doors has finally ended, and the rental rate in the south Florida city is finally back on the rise. In the third quarter, the average monthly rent in the city was $2,568, approximately 6 percent higher than that recorded at the same time last year.
According to Bloomberg, due to the shortage of rentals available in the city, many of the unsold, unoccupied condos that were left out to dry have been converted to rental units, meaning that the meaning that the multi-family market has continued to boom.
One reason behind the booming rentals, according to Bloomberg, is the sharply increased population. Due to an influx of new residents, Miami's population jumped by 2.1 percent. Rental property management officials in the area have been enjoying an influx of rental applications ever since.