Biscayne Beach Rental Market Update – September 2017
While investors await the first condo resale at Biscayne Beach, a healthy rental market is beginning to develop. Closings from the developer began in May of 2017, delivering decorator units to the owners that required flooring installation in order to become move-in ready. Contractors have been working diligently to finish off these units since their delivery, and fifty-six are currently available for rent, with 4 pending rentals, and 8 already closed.
Seven of the 8 closed rentals are 2 bedroom, 2 bath units (3 which also have a half bath). These 2 bedroom rentals range in price from $2500 to $3650, all unfurnished. Four of the rented units are the 06 line (see 06 line floor plan here) which according to the developer floor plan, is actually a 1 bedroom, 2 bath plus den with 1,014 square feet of living space. The den, although smaller than the master bedroom, has its own attached bathroom, closet, and West-facing window, so calling it a 2 bedroom unit does seem most appropriate. The lowest priced rental so far is unit #2306, which closed on August 15th at $2500 per month.
The most expensive closed rental so far is unit #3107 at $6600 per month. The 07 line condo is a gorgeous, 3 bedroom, 4 bath unit on the southeast corner of the building. For jaw-dropping photos of another 07 line unit, check out #3007 listed for sale at $1.65M. It features its own private elevator entrance, 10 foot high ceilings, 2 side-by-side parking spaces located on the 1st floor, and some of the best views in all of Miami!