FYI Miami: August 29, 2024

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

ECONOMIC CHARGE: The federal government is sending a little more than $5.7 million to Florida as part of the latest round of funding for electric-vehicle charging infrastructure. The Biden administration announced Tuesday that Miami-Dade County will receive $4.8 million and that the Seminole Tribe of Florida will get $933,600. The money is part of $521 million in grants going to 29 states, the District of Columbia and eight tribes. Miami-Dade is expected to use its portion of the money for 390 charging ports at 73 community facilities, such as libraries, parks, transit hubs and college campuses. The grant for the Seminole Tribe is slated to go to installation of EV charging infrastructure at seven locations.

TRANSIT DATA LINK: A requirement to move data from 35 separate transit systems onto a single app in a way that would link the schedules and routes for passengers is on the Miami-Dade County Commission agenda for a final vote on Sept. 4. The legislation in late June got an endorsement from the Citizens’ Independent Transportation Trust. The legislation would require the data from each municipal system to be fed to the county to meld together. Municipalities already file the information, but not in formats that can be easily combined in real time to be useful to riders in planning their trips.

RISING RENT MARKET: South Florida apartment rental occupancies averaged 95% in the second quarter of 2024, according to a quarterly report from Berkadia, and effective rents averaged $2,530. Eight of Miami-Dade County’s nine submarkets had occupancies that were at least average. The exception was West Miami and Doral, which had an occupancy rate of 94.6% with an effective rent rate of $2,731. In the other areas, occupancy was 95% in Coral Gables and South Miami at an average rent of $2,927. Figures for downtown Miami and Miami Beach were 95.5% occupancy $3,286 rent, for Hialeah and Miami Lakes 97.2% and $2,166, Homestead and South Dade 96.1% and $2,085, Miami Gardens 96% and $2,106, North Central Miami 96.5% and $2,096, Northeast Miami 95.1% and $2,588, and Westchester-Kendall 95.6% and $2,280. Berkadia cited overall “consistent rent growth annually since 2009, except in [pandemic year] 2020.” The company projected area apartment rents will rise 1.4% over the next year.

GAS GOES DOWN: Average gas prices in Miami fell 3.7 cents per gallon last week to $3.28, according to GasBuddy. Prices in Miami are 14.5 cents lower than a month ago and 42.8 cents below a year ago. The national average fell 6.2 cents in the week to $3.30, down 20.7 cents from a month ago and 49.2 cents from a year ago.