{"id":8959,"date":"2023-03-07T13:37:50","date_gmt":"2023-03-07T18:37:50","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=8959"},"modified":"2023-03-22T13:49:57","modified_gmt":"2023-03-22T17:49:57","slug":"apartment-rental-market-strong-and-stable","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2023\/03\/07\/apartment-rental-market-strong-and-stable\/","title":{"rendered":"Apartment Rental Market Strong and Stable"},"content":{"rendered":"
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Apartment rental market strong and stable<\/h1>\n

Local real estate experts are still predicting the Miami residential rental market will remain strong but say it has stabilized.<\/strong><\/h3>\n
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By\u00a0Abraham Galvan<\/a>\u00a0\u00a0\u2013\u00a0<\/span> Miami Today<\/div>\n
March 7th, 2023<\/div>\n

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Overall, the rental market is still strong and it varies by submarket, said Johnny De La Espriella, senior vice president of operations for RKW Residential.<\/p>\n

\u201cA couple of data points are that apartment rents are not growing in the historical levels they were in 2021 and 2022 but they certainly still are growing,\u201d he said. \u201cOn average, we are seeing rents go up about 12% still year-over-year for 2023.\u201d<\/p>\n

The rental market is stabilized and is in a good occupancy standpoint, Mr. De La Espriella added. \u201cThere\u2019s a lot of construction in downtown, Wynwood, Midtown area, and the Coral Gables and South Miami markets are also doing very well.\u201d<\/p>\n

In January, 31,947 homes in Miami-Dade County were listed as rentals. The median rental rate for a one-bedroom home was $2,330, a two-bedroom was going for a median rate of $2,900 and three-bedrooms were listed at around $3,600, according to a Miami Association of Realtors update-to-date statistics data report for the Miami rental market.<\/p>\n

December 2022 closed out with 19,168 active rental home listings in Miami. A one-bedroom median rental rate was going for $2,200, a two-bedroom for $2,752 and three-bedroom rates were around $3,436, according to the association\u2019s Miami rental market data report.<\/p>\n

As rental prices increase in core markets, a new trend sees development in more affordable submarkets, Mr. De La Espriella said.<\/p>\n

\u201cWe are seeing a lot more multifamily development in Hialeah, Homestead and Miami Gardens that we typically didn\u2019t see before,\u201d he explained. \u201cAll these areas are growing because they are central locations and more affordable when comparing it to the core areas.\u201d<\/p>\n

Miami remains one of the most desirable places to live in the US, said Matthew Jacocks<\/a>, principal for Lee & Associates South Florida<\/a>.<\/p>\n

\u201cThat\u2019s due to taxes, lifestyle and even baby boomers moving here because of the weather. There are also more people and businesses moving here from states like New York,\u201d he said, \u201cand with high-interest rates, home prices are out of reach for a lot of people who are going to be renting unless they\u2019re cash buyers, which obviously, there are not a lot of.\u201d<\/p>\n

A lot of rental apartment buildings are waiving and lowering the cost of moving in for people who have good credit, Mr. Jacocks said.<\/p>\n

Out of the roughly 32,000 available rentals in January, the Miami Association of Realtors reported about 3.5% offered incentives to attract renters, which may include a free month of rent and even gift cards.<\/p>\n

\u201cI just think rents pretty much stabilized,\u201d Mr. Jacocks said. \u201cNow, we have jumped into a plateau and we\u2019re going have typical inflationary increases on an annual basis.\u201d<\/p>\n

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About Lee & Associates South Florida<\/strong><\/h3>\n

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased nearly $32.4 Billion in 2021 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/h3>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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Apartment rental market strong and stable Local real estate experts are still predicting the Miami residential rental market will remain strong but say it has stabilized. By\u00a0Abraham Galvan\u00a0\u00a0\u2013\u00a0 Miami Today March 7th, 2023   Overall, the rental market is still strong and it varies by submarket, said Johnny De La Espriella, senior vice president of operations for RKW Residential. \u201cA couple of data points are that apartment rents are not growing in the historical levels…<\/p>\n","protected":false},"author":76,"featured_media":8334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,108],"tags":[1812],"class_list":["post-8959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-multifamily","tag-matthew-jacocks"],"yoast_head":"\nApartment Rental Market Strong and Stable - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Miami Today discusses the state of the multifamily rental market with Lee & Associates Principal, Matthew Jacocks\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2023\/03\/07\/apartment-rental-market-strong-and-stable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apartment Rental Market Strong and Stable\" \/>\n<meta property=\"og:description\" content=\"Miami Today discusses the state of the multifamily rental market with Lee & Associates Principal, Matthew Jacocks\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/southflorida\/2023\/03\/07\/apartment-rental-market-strong-and-stable\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee & Associates South Florida\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-07T18:37:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-22T17:49:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"521\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"ssabatier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ssabatier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/\"},\"author\":{\"name\":\"ssabatier\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"headline\":\"Apartment Rental Market Strong and Stable\",\"datePublished\":\"2023-03-07T18:37:50+00:00\",\"dateModified\":\"2023-03-22T17:49:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/\"},\"wordCount\":785,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2022\\\/07\\\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\",\"keywords\":[\"matthew jacocks\"],\"articleSection\":[\"All News\",\"Multifamily\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2023\\\/03\\\/07\\\/apartment-rental-market-strong-and-stable\\\/\",\"name\":\"Apartment Rental Market Strong and Stable - 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