Miami Highrise Condo Owners Spend 34% Less On ‘Operations’ Than NYC Peers

A new report from the property management firm FirstService Residential provides a “benchmark” for operating expenses in highrise condo towers in five major markets.

FirstService Residential, a property management company, has released a new 40-page report analyzing condo association expenses for “operations” in 15 North American markets. (Image courtesy of FirstService Residential)

Miami-Dade County highrise condo owners are spending about one-third less on “operations” than their counterparts in the New York City boroughs of Manhattan, Brooklyn and Queens.

In Miami-Dade County, highrise condo owners are spending about 45 percent of their monthly maintenance fees on “operations” in buildings with at least 300 units that are considered “big.” In “small” projects that have less than 300 units, Miami-Dade County owners are spending about 47 percent on “operations.”

This means that about $46 of every $100 in monthly maintenance fees goes towards paying for “operations” in Miami-Dade County highrise condo towers that have at least seven floors.

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