Greater Downtown Miami Mid-Year Residential Market Study Update August 2018 Prepared for the Miami Downtown Development Authority (DDA) By Integra Realty Resources (IRR) Greater Downtown Miami Mid-Year Residential Market Study Update Prepared for the Miami Downtown Development Authority (DDA) by Integra Realty Resources (IRR) August 2018 For more information, please contact IRR-Miami/Palm Beach The Dadeland Centre 9155 S Dadeland Blvd, Suite 1208 Miami, FL 33156 305-670-0001
[email protected] Contents 2 Introduction 4 Greater Downtown Miami Market Submarket Map 5 What’s Changed Since Year-End 2017? 10 Submarket Analysis 12 Resale Condominium Pricing 15 Rental Market Statistics 18 Conventional Apartment Rents 20 Conventional Rental Market Supply 23 Condo Development Process Appendix Introduction Integra Realty Resources – Miami/Palm Beach (IRR-Miami) is pleased to present the following Residential Real Estate Market Study within the Miami Downtown Development Authority’s (Miami DDA) market area, defined as the Greater Downtown Miami market. This report updates IRR-Miami’s findings on the local residential real estate market through July 1, 2018. Key findings from this mid-year study are as follows: • While everyone wants to see a continued “economic extension” prompted by tax cuts, strong wage growth, and overall positive economic news, Greater Downtown Miami’s new construction market continues to wind down the under-construction inventory of condominiums. The final push of condominium deliveries in Greater Downtown will happen towards the end of 2018, namely in Edgewater and the Arts & Entertainment District. • Condominium rents and velocity year over year experienced normalized increases of 2 to 3 percent on all but the 3-bedroom product.