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Core Miami Rental Market 2009 Still Saturated With Units

Posted On: May 7, 2009

In an article posted on Market Watch, research and data were used to show rising price trends in multiple real estate rental markets based on research by The Center for Housing Policy. One specific trend not shown or made mention of were core urban market rental trends. Within the core urban Miami rental market 2009 you are finding continued downward pressure on rental units in all price ranges and sizes. One of the biggest factors is the continued presence of a large number of buildings within the Miami urban core that remain with many empty unsold and unrented units. Compound this with stable buildings and their traditional annual and seasonal rentals and you continue to have downward pressure on price.  I won't guess what other core areas look like in this regard but if they experienced the same level of urban growth and development as Miami then expect to see some continued downward pressure on market rental prices in the near term. EMH3 does expect this trend to reverse and not to contradict the general findings that there are a large number of new renters who were once owners of homes they could no longer afford. But, we also see that there is a growing number of persons who are now able to afford current market prices which have in some cases come down as much as almost 40% within specific real estate home types. From personal experience in the South Florida and more specifically Miami Real Estate Market there is still some downward pressure. The good news for property owners that have rentals is that the market will come back. Those in the market now looking stand a great chance of earning a decent return relative to current average values.

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