Miami apartments

Vacancies are increasing, concessions are on the rise and revenue streams are on the decline for the majority of the long-term apartment operators in Miami-Dade County.

DEERFIELD BEACH - It’s a tough market for long-term apartment operators in Miami-Dade County, but developers are taking advantage of the recession to secure development sites for new product despite the massive oversupply in units.

Rental rates were flat during the most recent boom in condo development and conversions, said Jack McCabe, CEO, of McCabe Research and Consulting. Would-be apartment developers couldn’t justify new projects due to land costs.

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