Growing demand for apartments pushes up rents....

As apartment demand continues to rise, landlords are projected to increase their rents for the fifth consecutive year. A rise in apartment construction isn't likely to offer relief to tenants anytime soon either, USA Today reports. Between 2000 and 2012, apartment rents have risen 6 percent while incomes among renters have fallen 13 percent in that time period, according to a report from Apartment List, a rental housing website that adjusts for inflation.
 

“That’s what we call the affordability gap,” says John Kobs, Apartment List’s chief executive.

“I don’t see that improving in the near future.” The vacancy rate for apartments has dropped from 8 percent to 4.1 percent from 2009 to 2013, according to Reis, a commercial real estate data provider. Meanwhile, the average national effective rent has increased 12 percent to $1,083 from 2009 to 2013, according to Reis, which data reflects apartments in buildings with 40 or more units.

A 6% rise in apartment rents between 2000 and 2012 has been exacerbated by a 13% drop in income among renters nationally over the same period, according to a report from Apartment List, a rental housing website, which used inflation-adjusted figures.

Source: Associated Press

Posted by Analou Manent - Agent Immobilier a Miami Beach

$50 Million Dollar Penthouse Breaks Records in Miami Beach

A super-luxe penthouse condo at the very top of Miami Beach's Faena House that was listed for $50 million is in contract, making it the most expensive condo ever sold in Miami Beach, according to The Wall Street Journal.

Though the identity of the buyer and closing price were not disclosed, the agent who represented the buyer told the WSJ that "his client liked the privacy afforded by the fact that the building is relatively small—47 units—and that the penthouse has a rooftop pool."

The Faena House, an 18-story condominium tower that sits on Miami Beach's widest stretch of white sand, was developed and built by Argentina's Faena Group. It contains 47 residences, but the penthouse, with panoramic views of the beach, bay and downtown skyline is by far the most luxurious.

The penthouse has five bedrooms, two custom kitchens, as well as a private interior elevator. The property also contains breathtaking features such as a 70-ft infinity pool and an additional 7,000 square feet of exterior space.

Read more: Business Insider

Published by Analou Manent - Agent Immobilier a Miami Beach