Rents rise in South Florida

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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