It’s a Buyer’s Market for Rented Residences – Just Ask JPMorgan and Jeff Bezos!

The biggest players in the business world, including JPMorgan and Amazon Founder Jeff Bezos, are making aggressive moves to acquire portfolios of rented residences. With elevated interest rates forcing would-be buyers to continue renting, a buyer’s market for such product has emerged.

Locally, the lack of available single-family homes priced under $1 million in Coral Gables is driving interest in Merrick Manor’s bulk packages of rented condominiums.

In other U.S. markets, a joint venture between JPMorgan and Haven Realty Capital is rapidly buying up hundreds of rental homes with plans to spend up to $1 billion on such purchases. Another large venture, the Bezos-backed Arrived Homes, has funded more than 200 rented single-family homes with a total value exceeding $75 million.

Miami is not a prime target for large-scale single-family rental development due to a lack of available land to build such projects and little supply of existing homes to purchase. Merrick Manor is the best option in town for individuals or private real estate firms to benefit from stable and strong rental demand.

The building’s developer, The Astor Companies, is making its bulk condo offering even more enticing by leasing back each unit in the package for 12 months, managing the units free of charge and covering HOA fees and real estate taxes during that timeframe.

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.