Miami rent market fueled by new stock of inventory

  • Yardi reported national average rent prices increased 5 percent in August compared with the same month last year.
  • Miami rent prices are forecasted to grow 5.6 percent by the end of 2016, with both lifestyle and renter-by-necessity asset classes growing.
  • Stock of new homes in Miami comprise 2.8 percent of the total stock of homes.

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The multifamily rental market is starting to reflect the introduction of fall, cooling off but still growing. According to the Yardi Matrix Monthly report, which is a monthly measurement of 120 U.S. markets, August marked the eighth consecutive month of record rent prices.

Annually, national rent prices were up 5 percent but slipped 50 basis points from the previous month.