This will increase supply and should stabilize the price of rentals by the end of 2016. For the second half of 2016 and beyond there are thousands on new construction units which will be coming to market. Newcomers to Miami often experience “sticker shock” when they see the price of a studio or other small units in the Miami core area. This is a dramatic price increase for any real estate market in any city. Over the last three years rent prices have increased between 5 and 10% annually. This has increased demand for rental apartments in Miami while the supply of apartments is basically the same as 5-7 years ago. With more young people moving into the downtown Miami core area, its population has soared to 80,000–more than double what it was just ten years ago (according to the Downtown Development Authority). While the neighborhoods are comparatively priced, each offers something different for renters in terms of traffic, walkability, shopping, nightlife, and demographics. Three of the hottest rental markets in Miami right now are Brickell, Downtown and Edgewater.
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