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Apartment Investing - Miami Multifamily Apartment Market

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Multifamily Apartment Loans MiamiApartment investment and management opportunities are rebounding after the Covid-19 pandemic. Some of the strongest multifamily apartment markets are projecting an uptick in new construction. Direct Apartment Lenders shares information about the Miami multifamily apartment market.

Strong Market Improvement for Miami, Florida 

Miami has rebounded from the slump that Covid-19 caused.

For the first four months of 2021, Miami led most national markets in rent growth by asset class. 

According to Yardi’s Matrix Multifamily Miami Report - Summer 2021, “Miami metro had 36,734 units under construction as of April, with more than 85% of them catering to the lifestyle segment.” 

In less than a third of the year, multifamily sales volume exceeded $1.4 billion in 2021.

This represents twice as many units that were sold on a year-over-year basis in 2020.

Developers are betting on the strength of the Miami market, as 199,000 apartments are slated for construction.

As of April 2021, developers have completed 3,188 apartment units.

An additional 15,229 units should be available by the end of 2021.

With a large volume of permits for new multifamily projects in the works, this should be encouraging information for apartment investors in Miami.

Multifamily Apartment Rents in Miami 

After lagging for three months, apartment rental rates in Miami edged up 0.8 percent in April of 2021. 

Apartment rental rates were averaging $1,837 per month as of June 2021, however, a 7 percent year-over-year increase elevated rents in Miami above the previous time frame. 

Affordable apartments in Miami rent for $986 to $1,345 per month.

Expensive apartments in areas of Miami, such as Brickell, the Miami Design District and Brickell Key have some of the least affordable apartment rental rates.

887 square feet is the average size for apartments in Miami.

Renters occupy 45 percent of the households in Miami. 

Solid Job Market for Miami 

Between February 2020 to February 2021, the Miami job market experienced a 22 percent reduction in its workforce. The leisure and hospitality sector realized the largest job losses. 

The unemployment rate in Miami reached 15.2 percent in July 2020. Although, the unemployment rate has fallen to 6.9 percent, as of April 2021, per details from the Bureau of Labor Statistics. 

Census Data for Miami-Dade County, Florida 

According to the U.S. Census Bureau, the estimated population in Miami-Dade County was 2,716,940 as of July 1, 2019. This represented an increase of 8.78 percent from 2010, when the estimated population was 2,497,393 on April 1, 2010.

The median household income for Miami-Dade County was $51,347 in 2019.

Buy Apartment Building Without Bank Statements 

Investors often encounter traditional lenders who require personal bank statements and company bank statements to validate an investor’s financial stability.

For investors with multiple streams of income or services that are paid for with cash, local bankers may refuse to provide a loan approval.

Direct Apartment Lenders has a more flexible approach toward financing commercial properties. 

Using investment-grade capital resources, we can quickly underwrite and fund apartment loans that meet our guidelines, without requesting personal bank statements or business bank statements from borrowers.

Income-producing properties that are capable of servicing monthly debts within our allowable ratios, may receive a loan commitment, without consideration of the borrower’s finances.

Stated Income Apartment Loans for Self-Employed Borrowers 

Self-employed borrowers may have seasonal income spikes that are sufficient for managing their personal debts. 

Therefore, we do not require a borrower’s personal tax returns or business tax returns toward underwriting an apartment loan.

An investor who makes an application to buy an apartment complex or to refinance an apartment building would simply state her income on the mortgage application.

Our personal credit requirements for apartment loans are fairly relaxed, when compared to traditional banking guidelines.

A borrower who manages to make timey bill payments and use credit responsibly might meet our minimum requirements of a 600 credit score.

This credit score level or greater could enable an investor to qualify for our competitive apartment lending rates instead of resorting to hard money mortgage loans.

Self-employed investors who are seeking to buy an apartment in Miami can apply online for our stated income mortgage loans.

Get a Quote for an Apartment Loan in Miami

Investors who are shopping online to find the best rates for an apartment loan can inquire about our long-term commercial financing.

Our lending professionals are consistently reviewing loan scenarios to provide favorable rates and terms, where financing opportunities exist. 

Here, on our website, investors can get a quote for an parrtment loan in Miami.

As a nationwide apartment lender, we have the strength and the expertise to provide funding for duplex properties, triplex apartments, quadplex properties and apartment buildings with five to 100 units.

Funding for apartments in Miami that meet our criteria are typically wired to closing attorneys within a few weeks.

Contact Direct Apartment Lenders today for more information about a commercial loan for Miami apartment buildings or other areas of the United States.

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