As rental rates in Brickell, Edgewater and the surrounding
neighborhoods climb, it may be time to start looking west – west towards Doral
that is. Doral real estate is in the
middle of an explosion with new communities under development and construction.
Communities like CityPlace Doral,
Midtown Doral, and more in the works, Doral is quickly becoming a more appealing
alternative for renters.
In an October article in The
Real Deal, Miami real estate developers and experts predict that increases
in rental rates are inevitable. Young professionals are flocking to the Miami
hotspots in search of living in the middle of all of the action. Developer Fernando Levy Hara, the brains
behind up and coming Crimson Condominium in Edgewater anticipates that rental
investors should be able to garner over $2,600 per month for a one-bedroom and
as much as $4,000 per month for a two-bedroom based on what comparable rentals
are bringing in. According to the
article, the developer is guaranteeing $3 per square foot for units at Crimson
leased through his mckafka Development Group. $3 per square foot!
Another major developer,
Harvey Hernandez, Managing Director, Newgard Development Group which is
developing Brickell House and Centro, stated in the article that the “rise in
rental rates is being driven by a limited supply of rentals and an influx of
young professionals moving to Miami’s urban core, which includes Brickell,
downtown Miami, Edgewater and Midtown.”
To give you a comparison of what you get in Doral for the
same amount, let’s use a study mentioned in the article
that stated “the average monthly rent along the Biscayne Corridor – which
includes Brickell, downtown Miami, Wynwood, Midtown and the Design District –
rose from $2,250 in January to $2,675 in October.” Doral rental properties fetching $2,600 per
month may be a little further from the action in terms of their distance from
Brickell but deliver more room and more amenities. Here is a sample of what you get in Doral for
about the same monthly rental rate.
The Reserve at Doral,
74th Street at NW 107th Avenue (EAST)/74th
Street at NW 114th Avenue (WEST). Divided into two sections, the Reserve at
Doral consists of three and four-bedroom townhouses with square footage ranging
from just under 2,000 square feet to almost 2,300 square feet. Kitchens are loaded with stainless steel
appliances, granite counter tops and contemporary custom cabinets. Master bedrooms have his and hers walk-in closets
in addition to the master baths with his and hers vanities. Each section has its own clubhouse and pool
along with fitness and other amenities.
The location is ideal with easy access to the major thoroughfares and a
quick drive to golf and shopping. Rental
rates typically fall between $2,500 and $3,000 as the rentals currently
available do. When you compare the price
per square foot, the Reserve
at Doral rentals feature price per square foot is well below $2 – falling between
$1 and $1.30. Talk about more bang for
your monthly buck!
Vintage
Estates/Vintage Place, NW 107th Avenue. A brand new neighborhood located in the heart
of Doral, Vintage Estates and Vintage Place have single-family homes for rent
throughout the entire neighborhood. Vintage
Estates is a new exclusive neighborhood with Mediterranean style architecture
throughout the design along with tons of upgrades and amenities. In each home, renters can find state of the
art kitchens with all the brand new bells and whistles. The fixtures and finishes make this a dream
home to rent. As for amenities, it has
all the stuff that everyone wants – a pool, clubhouse, landscaping and
more. For rentals with monthly rates
between $2,500 and $3,000, the square footage for homes ranges between about
2,200 and 2,500 square feet. This means
that the price per square foot starts these homes is at about $1.00 and goes up
to about $1.40. Vintage
Estates rentals are very affordable and a top consideration when looking at
renting in Miami-Dade.
About Half the Price Per Square Foot
In addition to Vintage Estates and the Reserve at Doral,
other Doral rental properties feature prices per square foot at the same level
-- $1.00 to $1.50. Essentially, for about
half the price per square foot, Doral rentals equate to a brand new single
family home or lovely townhouse rather than a one or two-bedroom condominium
residence with only about 1,000 square feet in Brickell.
Suddenly, a 15-minute drive to Brickell is not so long! Something
to think about, huh?