Everyone thinks Miami is overbuilt, right? But the latest report from Marcus & Millichap shows that Miami apartments may not be doing so badly.
M&M research says that vacancy in Miami-Dade has already been flat for six months. “Some areas where the threat of shadow stock is not as significant continue to record notable results. The average vacancy rate in the Hialeah, North Dade and North Miami/Bayshore submarkets is around 5 percent,” states M&M.
Given such trends, investors are returning in increasing numbers. There is currently about $1.7 billion in distressed apartment properties in Miami-Dade, says M&M. However, opportunities to buy at firesale prices are still very limited. M&M predicts that the Hialeah and Coral Gables submarkets will be the first to see fundamentals rebound this year.