S. Florida apartment market remains tight
South Florida apartment rental rate hikes may be slowing, though the market remains tighter than much of the country, according to a new report.
The vacancy rates for South Florida apartments remain much lower than the national average, but there are signs monthly rent increases are starting to ease, according to a report released Wednesday.
Vacancies in Miami-Dade and Broward counties were both at 3.8 percent for the first quarter that ended March 31, according to numbers released Wednesday by Reis, a national commercial real estate watcher. That compares to 6 percent nationally, the highest in almost two years.
Average rental rates in the first quarter still rose to $1,058 in Miami-Dade, up 1.6 percent from the previous quarter and 5.9 percent from the same time last year. For Broward the average was $1,051, up 0.6 percent from the pervious quarter and 5.2 percent from last year. However, the pace of the increases is slowing.