Inflation is real. We see it at the gas station. We see it at the stores. We see the rising prices of real estate. And we’re seeing it in the rising rents.
As you know there are a lot of new rental developments going up all around us. We have the new Canal Street Apartment complex adding over 50 apartments. We have a couple of apartment complexes on Palmetto Drive. But these are not ready for renters…at least not yet.
Looking across the canal, we get a sense for what the Hialeah rental market is looking like. We’re going to look at the new Shoma Village Apartments located just 4 blocks from Miami Springs on Hialeah Drive and East 4th Avenue. You might be shocked by the rental prices for new construction apartments in Hialeah.
SHOMA VILLAGE HIALEAH STUDIO
The smallest apartment available at the new Shoma Village is a studio apartment offering 641 sq ft of living space. Rental rates for these units start at $1,700 per month.
SHOMA VILLAGE 1 BEDROOM APARTMENTS
Shoma is offering a variety of one bedroom, one bath apartments ranging from 673 sq ft to 823 sq ft. Rents for these units range from $1850 – 2000 per month.
SHOMA VILLAGE 2 BEDROOM APARTMENTS
Shoma also offers the popular 2 bedroom apartment configurations. These apartments range from 1,018 sq ft to 1,026 sq ft with a rental price range of $2,200 – $2,400 per month.
SHOMA VILLAGE 3 BEDROOM APARTMENTS
The biggest apartment is the 3 bedroom, 2 bath apartment with 1,354 sq ft of living space. As you know, the typical Miami Springs single family home is a 3 bed, 2 bath home. The rental rates for these 3 bed, 2 bath apartments in Hialeah are ranging from $3,000 – $3,200 per month.
PURA VIDA MIA APARTMENTS IN HIALEAH
To add another comparison, we looked at the new apartments going up on West 16th Avenue in Hialeah along Okeechobee Road. It’s called the Pura Vida Mia Apartments. They are offering 1 bed, 2 bed, and 3 bed apartments. Here’s what their rental rates look like:
PURA VIDA MIA 1 BEDROOM APARTMENTS
The one bedroom apartments at this complex offers 645 sq ft of living space. Rents are ranging from $1,659 – $1,696 per month with a deposit request of $1,500. These apartments are slightly more affordable than the Shoma Village apartments, but they are also smaller.
PURA VIDA MIA 2 BEDROOM 2 BATH APARTMENTS
The two bedroom apartments at this new complex also includes 2 bathrooms and offers 915 sq ft of living space. The rent for these 2 bedroom apartments starts at $2,300 per month. That’s in line with the pricing we’re seeing at the Shoma Village. However, these two bedroom apartments are about 100 sq ft smaller than those at Shoma Village.
PURA VIDA MIA 3 BEDROOM 2 BATH APARTMENTS
The larger three bedroom, two bath apartments at Pura Vida Mia offer 1,120 sq ft of living space with a rental range of $2,527 – $2,662 per month. These 3 bedroom apartments are more affordable than those at Shoma Village, but they are also over 200 sq ft smaller than the apartments at Shoma Village.
AVERAGE NEW RENTAL PRICES – HIALEAH
Okay, so let’s look at what the average prices are for these complexes for a 1 bed, 2 bed, and 3 bed apartment:
- 1 bedroom apartment: $1,801 / month
- 2 bedroom apartment: $2,300 / month
- 3 bedroom apartment: $2,847 / month
WHAT ABOUT MIAMI SPRINGS?
How much will the monthly rental rates be for the new Miami Springs apartments? The answer is we don’t know, yet, but based on what we’re seeing in Hialeah, they won’t be cheap.
What are your thoughts on rental rates? How much are you paying for rent in Miami Springs?
Good job on the articles about the real estate sales/purchases and also the new apartment rents being charged. You need to be on your A game to live in Miami any longer and be able to afford it.
If you notice across the street from Shoma the KFC has a total remodel going on. We did the McDonalds remodel awhile back but still looks good, Time for the Wendys and DD to remodel and the value of the empty lot next to the McDon shot up in value.