Miami is one of the most expensive rental markets in the nation, and monthly rents are only getting higher, a new report shows. Would-be buyers are making a costly mistake by renting.
The Miami MSA moved up to the No. 7 (from No. 9) priciest rental market in the U.S., according to Zumper’s annual National Rent Report. The research firm studies median rents for one and two-bedroom apartments in 100 cities to determine its rankings.
Median one-bedroom rents jumped by 18.3% to $2,070/month from October 2020 to October 2021. Two-bedroom rents experienced a similar year-over-year surge, climbing 18.2% to $2,730/month.
“We are seeing a significant year-over-year increase in rents in Miami because we are in the midst of a tremendous flow of capital to the city and region,” analyst Ana Bozovic told the Miami Herald in an article summarizing the findings of the Zumper report.
Avoid being at the mercy of a landlord who undoubtedly will increase your monthly rents and build future wealth by purchasing instead of renting. Merrick Manor is one of the last new high-end buildings with condos priced under $1 million in Coral Gables. That means buyers must act now before completely missing out on the final inventory of available units.
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”
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 Sales Gallery 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 and from 11 a.m. to 5 p.m. on Saturday and Sunday.