Cushman predicts a “marginal increase” in vacancies by the end of the year as absorption will likely fall below the 10,743 units scheduled for delivery. Breakers West Golf Club in West Palm Beach FL. In Palm Beach, the vacancy rate jumped from 4.5 percent to 6.4 percent.Ībsorption is also slowing, declining to 2,986 units in the first six months of the year, compared to 5,473 during the same period last year. In Broward, multifamily vacancies rose from 3.5 percent to 4.4 percent year-over-year. Miami-Dade’s 3 percent vacancy rate remained unchanged. While vacancy rates remain in the low single-digits, demand is not as high as last year, according to Cushman. Stay & save this September with these weekend getaways The Palms Hotel & Spa is offering Florida residents rates starting at 179. In the most expensive submarkets, including Aventura, Coral Gables, Fort Lauderdale and Boca Raton, monthly rents average more than $2,500, according to the report. In Broward, the average monthly rent hit $2,210, a 5.3 percent jump, while in Palm Beach, renters paid an average of $2,326 a month, up 0.3 percent from the same period last year. In Miami-Dade, the average monthly rent rose 7.5 percent year over year to $2,186, the Cushman report states. Weeks earlier, a joint venture between Bainbridge Companies and TPG Real Estate Partners acquired the Allure at Abacoa, a 304-unit rental community in Jupiter, for $161.1 million or $530,000 per apartment.Īnd in March, California-based property management company Thomas Tomanek & Associates paid $195 million, or $506,000 per unit, for Motif, a newly built complex with 385 apartments in Fort Lauderdale’s Flagler Village. In June, Aimco spinoff Air Communities paid $211 million, or a whopping $713,000 per unit for the 296-unit Watermarc at Biscayne Bay in Miami’s Edgewater neighborhood. In Broward, it was $300,000 per apartment. In Miami-Dade, multifamily assets sold for an average of $345,000 per unit. On a per-unit basis, investors paid record prices in all three counties.
Multifamily investors continued to pull the trigger, despite rising interest rates and slowing demand, as rents continued to rise amid an ongoing influx of new residents to the region, the report states. South Florida saw a record $11.4 billion in multifamily sales last year altogether, more than double the previous high of $5.5 billion set in 2016. This year’s $5 billion in sales trails only the second-half of last year, when investors shelled out $5.7 billion for multifamily properties.
#The aventura hotel florida resident update#
Cushman’s mid-year South Florida market update shows that the vacancy rate plateaued in Miami-Dade compared to the same period last year, and was higher in both Broward and Palm Beach. It could be secure in that spot for some time: Demand in the area’s rental market is showing signs of slowing, despite continued rent growth in Miami-Dade, Broward and Palm Beach counties. Investors spent $5 billion on South Florida multifamily properties in the first half of the year, the second-highest total on record, according to Cushman & Wakefield.
Whether you're visiting the beach or going on a cruise, find your home at Residence Inn Miami Aventura Mall.A photo illustration of the Watermarc at Biscayne Bay in Edgewater (left), Motif in Fort Lauderdale’s Flagler Village (middle), and Allure at Abacoa in Jupiter (right) (Google Maps/Watermarc at Biscayne Bay,, /Allure at Abacoa, Getty Images) Hosting an event? With four stylish meeting spaces offering audiovisual equipment, our hotel accommodates everything from business conferences to quinceañeras.
Next, take a refreshing dip in our heated outdoor pool, surrounded by cozy lounge chairs and swaying palm trees. Once you've refueled and recharged, stop by our fitness center to work on your cardio. Start your day off right with our complimentary hot breakfast buffet, or make the most of your suite's kitchen to prepare a special homemade meal. These services have made it easier to hop. Choose from our studio, one- and two-bedroom hotel suites and enjoy the comforts of home like complimentary Wi-Fi, spacious living areas and luxurious bedding. Lyft and Uber are now available in all of Florida's major cities from Pensacola in the Panhandle down to Key West. Located just steps from Aventura Mall, near Gulfstream Park, our hotel makes it easy to explore Miami's top attractions and beaches. Unwind at our extended-stay hotel in AventuraĮxplore South Florida in style while enjoying an extended-stay hotel suite at Residence Inn Miami Aventura Mall.
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