Miami apartment market jumps significantly

The apartment market in Miami strengthened in recent months.

Many property management companies in Miami experienced an improved situation in the apartment market in recent months, according to Bloomberg.

The city experienced a significant increase in rental units, but this figure should jump significantly in the next few years. Citing Witten Advisors, the news source noted there should be 3,000 units added to the market each year until 2016.

Additionally, the level of rent for an apartment with two bedrooms rose to more than $2,500 last quarter, the news source said, citing information from Condo Vultures. This would be 6 percent higher than the same three-month period in 2011.

"There's a boom in Miami that we've never seen before," Stephen Ross, chairman and founder of Related Cos., told the news source. "Miami is probably the hottest real estate market in the U.S. from a residential perspective."

Much of the demand in the market was due to the quick recovery from the recession, the news source added. However, the Miami area experienced a boom in population in recent months. Last year, the area's population jumped more than 2 percent, which was the most significant gain in a decade.

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