With a slowdown in luxury condo sales — which fell 25% in the third quarter year-over-year according to Douglas Elliman report, developers have shifted their attention to rentals. Rates for rental apartments continue to rise because most of the new product is luxury. In the third quarter, the average rent for a two-bedroom apartment was $2,320.

Much of the inventory slated for 2017 is rentals — developers are expected to complete 3,575 rental units compared to 2,774 condos, nearly doubling Miami’s existing supply, according to Miami’s Downtown Development Authority. This is the first time this cycle that downtown Miami will see more rentals built than condos.

Miami joins other U.S. cities like New York where oversupply of luxury apartments are leading to good deals and perks for renters.