Posted in Friday, 04.24.2009

 

The kind of Miami apartments and amenities that young professionals can afford today are more luxurious than most could have ever expected to live in. Renters are being offered great deals in order to fill the 23,000 new Brickell Miami apartments that vacantly await owners.

The completed or nearly completed 23,000 constructed Miami apartments were built since 2003. That is more than double the number of Miami apartments built in the previous 40 years. Developers were misguided by pre-sale contracts and deposits and, as a result, overestimated the market. However, the silver lining of the situation is that this means huge deals in Miami rentals for renters.

 

More and more developers are forced to act as Miami rental agents and try to fill up their building. Some have on-site leasing offices in the buildings as well as rent-to-own programs. Rents may drop even more than they have already. Young renters are now able to live in units they would have never been able to afford to buy.