{"id":1004151924,"date":"2016-09-14T01:27:50","date_gmt":"2016-09-14T09:27:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151924"},"modified":"2025-02-26T23:34:49","modified_gmt":"2025-02-27T07:34:49","slug":"yardi-matrix-miamis-booming-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-miamis-booming-market\/","title":{"rendered":"Yardi Matrix: Miami\u2019s Booming Market"},"content":{"rendered":"<div id=\"attachment_1004151620\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004151620\" data-attachment-id=\"1004151620\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-miamis-booming-market\/miami_metrorent_090216\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg\" data-orig-size=\"900,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Miami rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Miami rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg?w=900\" class=\"wp-image-1004151620 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg\" alt=\"Miami rent evolution, click to enlarge\" width=\"300\" height=\"133\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg?resize=300,133 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Miami_MetroRent_090216.jpg?resize=768,341 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004151620\" class=\"wp-caption-text\">Miami rent evolution, click to enlarge<\/p><\/div>\n<p>Miami\u2019s apartment market has fired on all cylinders for the last few years. Above-trend\u00a0job growth combined with a growing population has produced favorable\u00a0conditions for multifamily in South Florida.<\/p>\n<p>Job growth has been the driving force behind Miami\u2019s resurgence over the\u00a0past eight years. New employment has been spread across sectors, including\u00a0professional and business services, trade transportation and utilities, education\u00a0and health services, and hospitality and leisure, indicating diversity and room for\u00a0continued growth. Improving relations with Cuba will also be something to watch,\u00a0as Miami\u2019s economy stands to benefit from a new and close trading partner. Miami\u00a0government and business leaders have been working to bring Chinese business\u00a0and developers to North Miami to build a Chinatown neighborhood and add to\u00a0the already substantial international population.<\/p>\n<p>To keep up with demand, construction is on the rise. More than 10,000 units\u00a0are expected to be added this year and next. While downtown Miami and its\u00a0surrounding submarkets lead the way in terms of new product, the West Palm\u00a0Beach and Fort Lauderdale regions are also showing strong supply increases. The\u00a0metro\u2019s growth outlook also has produced a wave of investment, as transaction\u00a0volume hit $3.6 billion in 2015. With demand staying high, we expect rents will\u00a0have another good year in 2016, growing by 7 percent.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/112-Miami-Summer2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: More than 10,000 units are expected to be added this year and next.<\/p>\n","protected":false},"author":873,"featured_media":1004151244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,21783,1492,21742,37795],"tags":[],"class_list":["post-1004151924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-investment","category-miami","category-latest","category-rc-occupancy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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