July 29, 2023 Tips For Agents

High Rents, Tight Supply Boost Appeal of Merrick Manor’s Rented Condos

Miami’s converging trends of soaring rents and extreme lack of housing supply make Merrick Manor’s rented condominiums a particularly attractive buy. The Coral Gables building only has a handful of rented one-bedrooms left, so time is running out to capitalize on this opportunity for instant revenue and long-term upside!

The Miami market is No. 7 in a report tracking housing shortages in major U.S. cities. This housing shortage ranking is based on the ratio of the area’s job growth to building permits issued. The market’s tight supply comes at a time when Florida is seeing the highest rent increase in the nation since 2020.

“Miami is seeing rapid job growth as companies and employers move to the city for its pro-business environment and high-quality of life,” according to broker, developer and PROFILEmiami Co-Founder Demetri Damascus. “This has led to a higher housing shortage than most other metro-areas as developers have struggled to keep up, leading to high-prices and rapid rent growth.”

Savvy buyers are acting quickly and purchasing rented one-bedrooms at Merrick Manor, which has units with qualified tenants in place. The scarcity of new condo development in the pipeline should keep rents high going forward – especially in a desirable city like Coral Gables.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday.