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The Miami Dade rental market is “the most competitive” in the US

Miami is the city in the United States with the most competitive residential rental market in the country
Miami is the city in the United States with the most competitive residential rental market in the country

If you assume that competition is good, then the real estate market for rentals in Miami Dade County is at its best.

According to the annual report prepared by RentCaferenters looking for a home in Miami Dade during 2022 had to face many complexities. The greater Miami area saw an average of 32 potential tenants for every apartment coming on the market for rent last year. In turn, 75 percent of the tenants who were already in apartments, and their lease was up last year, renewed their lease. The numbers are huge compared to the national average of 14 prospective tenants for every offer and 63 percent of tenants renewing their leases.

Furthermore, the study found that the median rent in Miami Dade in 2022 was $2,356 per month for an apartment that averages 82 square meters. The most popular areas for rent were Coconut Grove, Coral Gables and Hialeah.

Coconut Grove, Coral Gables and Hialeah were the most sought after areas (REUTERS/Will Dunham)
Coconut Grove, Coral Gables and Hialeah were the most sought after areas (REUTERS/Will Dunham)

Experts believe that the phenomenon is due to a combination of low taxes (there is no state or municipal tax), the pro-business environment in South Florida, and the boom in technology companies relocating. in the city of Miami that have generated thousands of jobs. Most of the people coming to Miami Dade are millennials or members of Generation Z, very young.

For the study, the residential rental markets were analyzed in 135 cities in the country between April and December 2022. Regular apartments, condominiums, and houses were considered in the study.

In Florida, apart from Miami, Orlandothe cities of the southwest of the peninsula (Sarasota, Fort Myers, and Naples), Tampa, and Broward County (where cities like Fort Lauderdale, Hollywood, and Hallandale are located) they entered the top 20 of the most competitive markets in the country.

At the national level, after Miami, second place goes to Grand Rapids, Michigan, third place goes to Orlando, Florida, fourth goes to Harrisburg, Pennsylvania, and fifth goes to Jersey City, New Jersey.

According to the latest census, Miami is the city in the country that received the largest number of new residents relocating from other US cities. Officially, they were 220,890 new residents between 2020 and 2021. The phenomenon continued in 2022 but there is still no updated data.

Keep reading:

They project that Miami will be one of the five cities with the highest rents in the US in 2023
Miami went from being the third to the fifth most expensive city in the US to rent housing

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