Miami-Dade sits on the top of real estate markets of 2023 

The Miami-Dade real estate market remains one of the most competitive in the United States, despite the general increase in property prices throughout the country. The high demand for housing in this county is reflected in a recent RentCafe analysis, which states  that, on average, there are 20 prospective tenants competing for each available rental property.

According to the platform, the Miami-Dade real estate market is 150% more competitive than the national average due to the increasing migration to the area and the expansion of companies in the region. Unlike other parts of the country, where you can notice a decline in rental demand, Miami isn’t experiencing any of that.

The Miami-Dade real estate market remains highly competitive due to the high demand for properties in the city, both for rent and for purchase. Despite the escalating prices, those interested in acquiring a property in the city must be patient and be willing to pay more for a home. However, the city offers a wide variety of investment options in different areas, making it one of the most attractive destinations for real estate buyers in the United States.

Key points:

The property supply for rent or sale in the region is very limited compared to the high demand. Despite the fact that more than 12,000 apartments have been built in the South Beach area since last year, the offer to rent or buy continues to be less than the available or vacant sites.

In addition, 71% of people who rent an apartment in Miami have renewed their contracts in the last few months, which indicates that those who already live in the city are not planning to leave it anytime soon. Currently, an estimated 97% of rental spaces in the city are vacant, and real estate experts predict that price escalation will continue in the Miami metropolitan area until the end of 2023.

It is important to mention that, although the region known as the Sun Belt, which includes Florida, California, Texas and 15 other states, tends to have more competition among real estate brokers, in 2023 there was a change and 8 of the 20 rental locations known as the most attractive parts of the country are now in the northeast. North Jersey is the only city that surpasses Miami as the most popular among those looking to rent a property.

The average rent for an apartment in Miami is U$S 2.356 a month, according to data from RentCafe. The price varies depending on the area, with Brickell Key being one of the most exclusive, with a catalog properties with average princes of U$S 3.392, while in Palmer Lake – Mia Station, Mays Gardens and Westchester Park the prices are lower, with rents for under U$S 1.500.

The market:

In the context of the Miami real estate market, the high demand has translated into a significant increase in prices. According to a report from the Miami Association of Realtors, the average price for single-family homes increased 16.9% year-over-year in January 2023, reaching U$S 485.000. In addition, the supply of available properties has decreased by 16.7% compared to the same period of the previous year.

The Miami real estate market is not only characterized by high demand, but also by a wide variety of investment options in different areas of the city. The Brickell financial district, for example, is known for its modern skyscrapers and cosmopolitan vibe, while Coral Gables stands out for its historic mansions and Mediterranean flair.

In addition, the city has a wide range of luxury condos and apartments in areas such as Sunny Isles Beach and Bal Harbour, which attract international buyers interested in acquiring properties on the Florida coast. Investors also find opportunities in the most popular neighborhoods among millennials, such as Wynwood and Little Havana.