What is happening with Miami rental market?

[Vera G.]

We have a 1br in the Hemispheres complex, on the barrier island (2nd line of buildings from the beach) in Hallandale Beach, FL. 2.5 years ago it was rented in under 1 month for 1450, while similar apartments in the complex were rented 1500+. (This is all 1year rentals, association only allows 1 rent a year). Now as tenant moved out its been sitting on the market for 2 months, only attracting low offers of 1350, not even sure if renters were qualified as we did not proceed with screening. This is currently lowest priced 1br in the complex at 1450, it is a nice unit on 10th floor with nice views, not over-improved but nice. (MLS#:A10499901 )

It seems that now prospective renters are not willing to pay any premium for ocean properties. I don't see other apartments here  offered at low prices, at the same time they are sitting on the marked longer. Has anyone noticed a pronounced downward trend in rental prices in  Miami area? Is this a dead rental season? Is it a new market reality that rents are 10% lower than 2 years ago? I spoke with 2 realtors and they said rental market was good, at least as usual.

Thanks!