Shrinking apartment inventory sends rents soaring
Sep 09, 2021
The multi-family apartment rental market is currently facing a shortage in Miami-Dade, with less than a month’s worth of inventory, according to local residential real estate experts.
There’s about a month of inventory in rentals, which are historical lows, according to Christina Pappas, vice president of the Keyes Co. Anything below six months of inventory is a landlord’s market.
“We only have seven-tenths of a month worth of inventory and if no additional listings are being added by day 20, we would have nothing else to rent out,” she said. “Average median days on the market for apartment rentals is down to about 22 days now.”
For multi-family units under two-bedrooms units, the average rent price for the past three months in Brickell and Coral Gables area was…
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