Miami-Dade County has been identified as the rental market the fastest growing in the United States this year, according to RentCafe's annual report. This success is attributed to several key factors, including the boom intechnology industry in the region and a business-friendly environment.
The index of competitiveness Rent Rate (RCI) of the county reached 122, the highest in the country. Nearby Broward County also ranks among the most competitive regions in Florida, with an RCI index of 101.
What does the RCI index mean? This index assesses competition in the rental market based on indicators such as lease renewal rates and occupancy rates.
The year 2023
In 2023, the rental occupancy rate in Miami-Dade County was particularly high, with 71.2 % of tenants choosing to renew their lease. For those looking for new housing, each available unit attracted an average of 22 applicants.
The RentCafe report highlights that this strong rental request is largely stimulated by the dynamism of technology sector of Miami, which attracts talent from around the world, as well as the lack of income tax in the state of Florida.
According to the report, China's thriving tech scene Miami continues to attract innovators and entrepreneurs from around the world, which fuels competition for apartments for rent. Additionally, the region's business-friendly environment provides incentives and opportunities for growth, while the absence of income taxes makes it an attractive choice for locals and newcomers seeking rental.
Generally speaking, the estate market of Miami had the second largest price increase nationally this year, with a 6.7% increase, according to Black Knight, a company specializing in mortgage data and analytics. Recent data also indicates convergence between Miami's housing price growth and the national average.
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