fbpx

Uncovering the Truth: Miami’s Surprising High Vacancy Rate and its Impact on the Housing Market

According to a recent study by online lending platform LendingTree, Miami ranks second in the nation for its metropolitan area with the highest vacancy rate. Miami boasts a vacancy rate of 12.65% out of 2.6 million homes, trailing behind New Orleans at 13.88%. In contrast, the national average for the 50 largest metropolitan areas examined in the study stood at 7.22%.

LendingTree based its findings on the most up-to-date data from the U.S. Census Bureau American Community Survey. This analysis sheds light on why an area’s vacancy rate is crucial in gauging the vitality and nature of its real estate market.

Senior Economist Jacob Channel, the author of the report, highlighted various factors contributing to Miami’s high vacancy rate. One significant factor is the area’s popularity as a destination for secondary homes. Of the total vacant units in Miami, over half remain unoccupied, utilized only for part of the year.

Miami currently houses more than 339,000 unoccupied homes, with 53.32% of them designated for seasonal or recreational purposes, such as vacation residences or weekend getaways.

Despite the high vacancy rate, it might be misleading to assume an abundance of available properties leads to reduced prices. The report emphasizes that Miami presents a distinctive case. Its alluring features make it a prime investment opportunity for affluent buyers.

The study also underscores that the vacancy rate can fluctuate due to variables like properties listed for sale or rent, as well as residences that have been sold or leased but remain unoccupied.

“For over 15 years, US Asset Loans have been providing funding to Real Estate investors”

Reach out today at [email protected]IMG 3467

LEAVE A REPLY

Please enter your name here
Please enter your comment!

Property Deals

South Beach NNN Leaseback Investment Hospital 538 Meridian Ave Miami Beach, FL 33139

Contract Details Term: 5 years remaining Annual Increase: 3.5% Extensions: Not applicable Guarantor: CVC Corp, one of Latin America's largest travel groups, operating in...

SUNNY GROVE APARTMENTS 1440 SW 42nd Ave Miami, FL 33134

Fausto Commercial Realty is proud to present the Sunny Grove Apartments, located at 1440 SW 42nd Avenue, Coral Gables, FL. This premier multifamily property...

Flagler Street Retail Center 4735 W Flagler St Coral Gables, FL 33134

Investment Highlights: Prime Redevelopment Potential: Positioned under the Live Local Act, the property at 4731-4747 W Flagler Street offers an ideal redevelopment opportunity in...

More Posts