MIAMI—There's tons of multifamily product coming online in Miami. In fact, the vacancy rate in Miami-Dade will rise slightly this year due to a temporary misalignment of completions to new rental households, according to Marcus & Millichap's latest Apartment Research Report.

The 4,800 rentals slated to come online this year will raise rental stock to within 13,000 units of the previous peak in the county, the firm reports. During 2014, approximately 3,100 apartments were delivered in Miami-Dade.

GlobeSt.com caught up with Jeronimo Hirschfield, CEO of developer One Real Estate, to get his take on this challenge in part two of this exclusive interview. You can still read part one: What's Really Driving Miami's Multifamily Market.

GlobeSt.com: What challenges do you see for multifamily in the local market?

Hirschfield: One of the biggest challenges for existing owners is the amount of new multifamily inventory coming into the market. There is going to be more competition, and tenants will have a bigger selection of where they want to live.

GlobeSt.com: How do you get creative to make the deal work for all parties?

Hirschfield: In today's market, you have to get very creative in order to make the deal work. We are living in a world where sellers are not easy to work with. This is especially true in a seller's market, where leverage is on their side due to the increase in prices.

This is where creativity comes in to accomplish the goal of making the deal work. In some cases you have to fly and meet the sellers at their headquarters to close a deal. This is what I call going the extra mile, doing whatever it takes to get the deal done.

GlobeSt.com: What do you see for the multifamily market in South Florida for 2015? Any big changes?

Hirschfield: The multifamily market for 2015 will be very competitive, especially with new inventory emerging at a fast pace. As the owner of more than 3,500 multifamily units, I have emphasized to my team that excellence in customer service is essential.

The multifamily market will continue to grow, and in high-end neighborhoods, we will see old multifamily properties being demolished and replaced with new commercial or residential buildings. Our team is ready and in place for these opportunities.