Downtown Miami Rental Market

March 15, 2011 by Lucas Lechuga

Below, is a spreadsheet I compiled earlier this afternoon that shows various statistics regarding the Downtown Miami condos rental market.  Click on the link below the spreadsheet to view it in its entirety.  I calculated the months of inventory figure by dividing total units available by the average units rented over a three month period from December 1, 2010 to February 28, 2011.  You will see that Downtown Miami currently has 2.55 months of rental inventory.

Downtown Miami Rental Market as of March 15, 2011

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8 Comments on "Downtown Miami Rental Market"


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Anonymous
DowntownRenter
5 years 6 months ago
Lucas, After living in the Downtown Miami area for the last 5 years, I have noticed what I believe to be an interesting trend. I have observed the “ask” RENT prices of condos in the Arts/Wynwood/Brickell/Downtown area(s) to be creeping upward to a point maybe exceeding 2007 levels. At the same time, I see decidedly few rentals listed in buildings that I drive by every evening, and know are 70%+ empty. I am left to assume that there is infact many months or years worth of inventory to sell or rent, that is simply unavailable…. I think the reasons for… Read more »
Anonymous
Gixxer1000
5 years 6 months ago

DowntownRenter,

Could you give us specific buildings that you believe to be 70%+ empty. I rent and live in the same area and I definitely don’t get the same impression.

Anonymous
slater
5 years 6 months ago

Downtownrenter,
One year back the Downtown development agency said the downtown buildings are 75% occupied (and probably close to 85% or higher now). Where does the 70% empty figure come from?

Anonymous
DowntownRenter
5 years 6 months ago

In short reply, I take the 70% number… (even if its 1/2 of that.. lets say 35% empty, which I believe it to be more)– You’d only need to take a drive in a convertible or motorcycle through Downtown and Brickell at night. Better yet, drive west over the Rickenbacker causeway from Key Biscayne at 9pm at night, and see just how much of each building is completely dark.

A smart investor doesn’t just rely on reports and numbers, he gets a feel for the area himself.

Anonymous
Joe
5 years 6 months ago

Talking about dark condos reminds me of a funny story …

Back around 2005 or ’06, at the height of the r.e. boom, I asked a real estate agent why, if sales were so hot, 99% of the condos downtown were dark at 9:00 p.m. on any given weekday night. The reply: “That’s because the owners are all partying in South Beach!”

Ha ha ha … Shameless bastards.

Anonymous
ElvisInMiami
5 years 6 months ago

When I lived in Met1, The developer would put a new condos on the rental market when others rented. Say they won’t allow >20 rentals to be listed and there are 60 units to rent out, then it will take a while for all 60 of those units to be put on the market. In the meantime there is attrition. When I lived there, my floor had 6 units that were not built out and about every 6 months they would work on a unit.

I would guess this is common in other developments as well.

Anonymous
pablo
5 years 5 months ago

Infinity at brickell and Wind on the river seem pretty empty to me (by the “lack of lights at night” measure)
The same thing with Icon although maybe geared towards a different target.

Not sure if 70% but close to that!

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