Miami rent market fueled by new stock of inventory

Report finds US rent averages increased $3 in August to reach the eighth consecutive monthly record
  • 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.

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.