Good News for Investors, Miami’s Average Rent Increased During the Summer
A number of Miamians have both a residential home and investment properties. Rental properties can be great, as they can offer strategic tax deductions and appreciation over the long run is quite possible.
During the Great Recession starting in 2008, rental prices plummeted to the dismay of investors, but after a long stretch of darkness, the average rent has finally increased, as indicated by several reports, including The Zumper Rent Report, which analyzes data from over 1 million active rental listings across the United States.
In May, average rent prices clocked in at $1800 a month. Surprisingly, the trend of rising average rent prices continued over the summer. According to Zumper’s August data report, rent rose to an $1880 a month on average. This uptick in rent prices is unusual because the “dog days of summer” are generally a slower season for the Magic City. However, according to Zumper, prices of one-bedroom units jumped 10.6% and two bedrooms similarly upped to 10.9% since last year.
What does this mean for the rest of the year? If the rising rents and property prices continue an upward trend, it’s likely that Miami property prices will continue to increase during the tolerable seasons.
If you’re thinking about investing in Miami property, now is a great time. Miami ranks as the eighth most expensive city in which to rent. For more information on available investment properties in Miami, contact Suzanne Feanny for a free consultation.
Miami.Curbed.com, “Miami’s Average Rent Rose by $80 in 3 Months, in the Summer,” Sean McCaughan, 5 August 2015