With continued investment fueled largely by foreign buyers, demand for South Florida apartments is growing, meaning increasing residential rents, according to the Miami Herald. “I talk to a couple of investors all over South America and they tell me they buy these condos and it takes them about a week to rent them,” said Craig Studnicky, principal of Related ISG. “Each and every month, the rents are going up.” According to data from the Texas-based MPF Research, rent prices have gone up by between 3 and 7 percent this year. And with a steady stream of foreclosures on the way, the rental trend is likely here to stay. [Miami Herald]
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