MIAMI—Near the midpoint of the current development cycle. That's the story around Downtown Miami's residential real estate market.
Prices for existing condos are rising and rental rates reaching record-setting highs. Specifically, average pricing for existing condo units has grown by 6.74% over the past six months, with the average unit costing $459 per square foot, according to the latest Miami Downtown Development Authority (DDA) Residential Market Update, which includes data collected between April and August 2015.
Conducted by Integra Realty Resources (IRR), found rental rates for independently-owned condos are up between 4% and 10%. Meanwhile, rates for managed apartment units are up by as much as 17.1%.
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