Residential building permits are being issued at their fastest pace since June 2008. Recent U.S. Commerce Department data shows a 15 percent surge in multifamily permits nationwide with about one in three building permits issued this year being for the largest multifamily category (5+ units), according to the The Wall Street Journal (citing research from Trulia). In the South Florida region (Miami-Dade, Broward and Palm Beach counties), about 70 percent of residential construction permits issued through October have been for multifamily units.

There are 118 condo towers proposed for the Miami area with 35 under construction. About 85 to 90 percent of new-construction buyers are foreign investors, primarily from Latin America. On the rental side, about 7,000 rental apartment units have been proposed for Miami’s greater downtown area. The median rental rate in Miami is $2.23 per square foot, compared to $1.48 per square foot in 2009, according to the report (citing Condo Vultures LLC).
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The Wall Street Journal

Last Updated on December 3, 2013 by Ramin Seddiq