Renters Filling New Miami Condos, But Will Rates Hold?

Less than 800 condo units are currently available for rent in the Greater Downtown Miami area despite nearly 21,000 new residences being built in the last five years, according to a new report from Condo Vultures® LLC.

Of the units that are currently available for lease, the rental rates being agreed to on an annual square foot basis per month in the Greater Downtown Miami area are about $1.85 for a city view and $2 for a water view, which is about 30 percent cheaper than in Miami Beach’s South Beach neighborhood, according to the report.

The Greater Downtown Miami area is defined as the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. The Brickell Avenue area, Downtown Miami, and the Biscayne Boulevard Corridor toget

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