Miami Named Hottest Rental Market In The Nation, ‘Fierce’ Competition For Apartments

A new study has named Miami the hottest market in the country for rental apartments.

According to the study, Miami’s supply of new apartments is growing faster than any other major market, with the share of new apartments at 1.8%. However, even that exceptionally high growth rate was not enough to keep up with demand.

For the study, RentCafe.com analyzed Yardi Systems apartment data from 102 rental markets across the U.S.

Competition for apartments in Miami is fierce, and by far the most competitive nationwide, the report said.

The average vacant apartment is being filled in just 27 days, with an average of 31 prospective renters per unit.

Further fueling the Miami market was an exceptionally high lease renewal rate, at 75%.

Overall, 97.6% of apartments in Miami were occupied.

Orlando and Southwest Florida ranked third and fourth on the list, while Broward ranked 10th.

 

(source: Rentcafe)

 

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Manny
1 month ago

Building Multi-Family housing in single family zoning and removing blight in the urban core would help with the issue, but Miami is run by incompetent casuals

Qtip
1 month ago

I mean Miami is building at a faster rate than any other top market and its building at a rate of nearly twice that of other cities according to that list. We need to start zoning more density in over town and build on those empty lots.

Fern
1 month ago

We are doing better than most of the country, but its still not enough. People that would move here if they could are being put off by exceedingly high housing costs. We need to meet and exceed demand

Anonymous
1 month ago

Where casuals read corrupts. Nothing will ever change unless Miami Urban Core Residents get involved in our local and state politics.

Brooklyn
1 month ago

that’s idiotic there are plenty of areas within the urban core to build dense projects without encroaching on single family home districts. we can have both.

Urbanist
1 month ago

You can keep your single family.

Just never sell it.

Your neighbors should have the option to sell in an open market to meet current demand. Nobody is forcing anyone out in that scenario. Conversely, not building pushes people out a prices skyrocket.

MM305
1 month ago

The Urbanist is right, if you want that buy it yourself and keep it that way. Otherwise let the people have more places to live in the areas they want to live. It’s deeply regressive to crystalize neighborhoods for “character” and “scale” with the intent of keeping that neighborhood a particular nationality or culture at the cost of the general housing supply.

Anonymous
1 month ago

I agree, you can’t realistically redevelop a suburban tract in West Kendall into a mini Brickell. Redeveloping crummy suburban shopping centers along major streets and intersections makes more sense. Also, silly proposals in other places to ban single-family zoning and construction makes the existing stock valuable, meaning developers less likely to buy up enough to assemble land for an multi-family building.

Pol
1 month ago

There is plenty of T /4 /5 and 6 areas in Little Havana that can be up zone with out touching the residential areas .

MM305
1 month ago

But they thwarted that idea five years ago… lets see them float that idea out there now… Too many “progressives” think that upzoning equals white people and that somehow white people equals bad. East Little Havana on the River and Jose Marti Park needs an upzoning so badly its depressing at this point.

Anonymous
1 month ago

Riverview was declared a historic district, and TDRs could be sold from it, as well as designating other neighborhoods (i.e., Shenandoah and Grove Park) and individual prewar buildings in the area worthy of historic preservation, to redevelop vacant land into taller infill.

Riverside Resident
1 month ago

I own property a few block to the north of the historic houses on the River. My current zoning is T-8-O. My property and surrounding is not historic. My area should be T-12-O at the least, but preferably T-24-O

Anonymous
1 month ago

No, its still T-4R in the Jose Marti Park area… thats three stories tall, next to 50 and 60 floor buildings and no commercial use at all on the park in between brickell and downtown miami. The only food option is a soda machine.

Riverside Resident
1 month ago

In that area yes, but I am on NW 1st street right above Flagler Street. Our area is T-8-O

Checo
1 month ago

The Chetrit project will have nearly 200,000 sq ft of retail when all is done. It will connect Jose Marti Park to the commercial spaces at Infinity, NeoVertika and the Underline Park.

Ana
1 month ago

But keeping all the good zoning on one side of i95 is regressive and Is part of the housing supply problem. They need to even out the zoning and give east little Havana around jose Marti the boost to t5 or t6. The people going to chetrit aren’t the same as the people in east little Havana. What good is a high end clothing store when you have 25$ in your pocket and you need a cheap meal?

Pol
1 month ago

You are 100% right….is unbelievable.

Anonymous
1 month ago

Despite all this “fanfare” Miami politicians still refuse to invest in a reliable mass transit system.

Anonymous
1 month ago

Look, we have buying the people of this county brand new Trolleys.. what more do you want?

– MiamiDade Commission

DWNTWNR
1 month ago

Let’s not forget their upcoming trip to Europe to study “air taxis”. MDCBOCC is a massive joke.

Anonymous
1 month ago

Still rather take their word than some people on here cheering for expanding Metromover beyond capacity it was intended to serve, instead of Metrorail or utilizing existing at-grade railroads for commuter service.

You can also blame Miami Beach for stopping Baylink via streetcar, and Brandon’s crew for causing economic uncertainty and Genting pulling out of the monrorail deal.

Anonymous
1 month ago

“Still rather take their word than some people on here cheering for expanding Metromover beyond capacity it was intended to serve”

So you know without a shadow of a doubt what limited capacity areas the Metromover was intended to serve and what areas it can’t serve?.. even though all they would have to do is add more cars?

Checo
1 month ago

In the last 20 years, I have never been a MetroRail car that was full enough that people had to stand. Metromover…sometimes, but not outside of rush hours and special events.

Anonymous
1 month ago

Pre-pandemic I took the MetroRail every day to my office in Dadeland and I can tell you that 100% of the time on weekdays during rush hours, there are people standing. Also, the Mover is often fully packed now that our urban core is experiencing such population growth. Even on weekends. Please, refrain from making inaccurate insights.

Lenny
1 month ago

Read carefully. My personal experience is my personal experience. I may ride the Metrorail at an earlier time than you, but my experience is that it isn’t full. Pre or post pandemic

Checo
1 month ago

The politicians that I’m voting for are prioritizing education to teach skills needed in the new economy, prioritizing less bureaucracy and faster permitting, and prioritizing public safety.

You can vote for getting transit that is not buses if you would like.

Anonymous
1 month ago

If they did this then it would just be full of riffraff and useless to Miami professionals just like the bus system and free metromover

Albert
30 days ago

Maybe the “fanfare” is a sign that Miami is doing just fine without the WANTS that you personally embrace as NEEDS.

guy1
1 month ago

This spike in rental prices is unsustainable

Anonymous
1 month ago

Rental prices are leveling off a tiny bit right now. I’m on the hunt for an apt and have been watching prices come down a few hundred dollars here and there. They will never be pre-covid levels, but they will come down a small degree.

Anonymous
1 month ago

As a landlord of 6 properties I think there’s still some momentum but I’d happy to level off now, the rise in rents and competition for units over the past couple years has finally brought me quality and steady tenants paying more than enough rent already to cover all of my costs and even invest quite a bit back into improving the properties they live in. I think we’re in a win-win situation at this rental price point

MiMiami
1 month ago

Three FL markets crack the top 5.
Four in the top 10. Wow!

Florida is not slowing down.

Anonymous
1 month ago

This is not something to be happy about

Anonymous
1 month ago

I just loss in a bidding war for apartment in liberty city for 2200 for a 1 bedroom 600 sqft not luxury AT ALL!! This is insane!!

Anonymous
1 month ago

At least you are alone. try it with a family of 3-4…

Checo
1 month ago

Just curious, if you lost, what did the winner do to beat you?

Will you change your tactics or do something different next time?

Anonymous
1 month ago

“This is not something to be happy about”

Oh cry me a river. He’s not saying you should be happy or sad, he’s just reporting what he read.

Peter
1 month ago

This is crazy and yes river are full of cry the locals can’t afford it. Ppl make minimum wage that goes up 1 dollar a year till we get to 15 buck so thing will get even more expensive. Now you need a roommate or 2 to have a nice place. It’s insane. I am sorry but ppl are suffering

Anonymous
1 month ago

Based on your English comprehension, no wonder you make minimum wage.

Anonymous
1 month ago

lol…

Checo
1 month ago

My first job out of college paid $18,000.
We were young and resourceful, and found 5 guys who wanted to split the rent and expenses in an old junky house.

I took a bartending job at night to pay off student loans, and save up money to eventually buy a house.

Does whining in a comments section bring comfort?
It shouldn’t.
Surrounding yourself with people who want to win is much better than an online support group of victims and whiners.

Anonymous
1 month ago

Just curious. What kind of job were you in that paid below the poverty line? My first job out of college was paying around $75k and that was almost impossible to live on. Granted, I was living in Brickell at the time but this was pre-pandemic.

Anonymous
1 month ago

^
Tell the truth, right after college, you wanted to shine real fast!

Anonussy
1 month ago

The correct question to ask is what year. If bartending can pay off student loans while shacking up with 5 guys, it’s not a question of the job, but a question of the time.

Anonymous
1 month ago

^
Haha.. I’m wondering who was Checo with, a male or female when they and five guys went in to rent a place?

Lenny
1 month ago

Hahhaa…..nine hours later, you are probably still thinking about it!

Lenny
1 month ago

Smart comment.
True, it was the early 90’s.

$18k was my annual pay, and I spent about 35% of it on housing.
Many, many years later, my income is much higher and my housing cost is about 18%.

If you live within your means in your youth, you will live well in you middle and end.

Lenny
1 month ago

I was a stockbroker at the 3rd largest firm on Wall St.

I do have compassion for your “almost impossible” situation.

Those kids who attacked Normandy Beach had it easy compared to your “almost impossible” Brickell predicaments.

Please post your GoFundme page link.

ToneDeafHater
1 month ago

^it was impossible to live on because you had the tastes and expenses of a 150k/yr employee on a 75k/yr salary

Anonussy
1 month ago

We found the Boomer, y’all!

Anonymous
1 month ago

I guess that’s supposed to be funny? The boomer generation bought you the lazer disc, personal computer, and cell phone just to name a few things, and they also fought in wars that protected your ass.

Tell me, what have your generation done?

Anonussy
1 month ago

We’d accomplish stuff if y’all would freaking retire already and let us pave the way for the future. Insane that we have to beg for folks well past retirement age to step down. Also, Ed Roberts wasn’t a Boomer, so you can’t claim the personal computer.

Anonymous
1 month ago

^
That’s what I thought, you can’t claim anything.

“Insane that we have to beg for folks well past retirement age to step down.”

They have to work well past retirement age in order to keep taking care of slugs like you. And Henry Edward Roberts was born in 1941, and that’s very close to the start of the baby boom generation which surely would be somebody “well past retirement age” who’s taking care of people from your generation.

Checo
1 month ago

Why?
If you have been thinking about The Next Miami and what the future would bring 10 years ago, you would have bought Miami real estate.

This real estate market is making a lot of locals rich beyond their dreams. As a result of the wealth creation, generations in their families will be wealthy too.

NATM
1 month ago

Shouldn’t housing be a human right? We all need it to survive. When you say it out loud and think about it, doesn’t profiting off a basic human need sound inhumane?

Joe Robbie
1 month ago

This is not a list you want to see your city on. This means it’s not enough housing in the city being built regardless of the flashy headlines about skyscrapers.

Anonymous
1 month ago

Especially where there’s so much undeveloped land within Miami Urban Core.

Anonymous
1 month ago

The county of MiamiDade has enough land to accommodate at least another two million more people.

I know I may get thumb down votes for saying that but it’s the truth.

BDub
1 month ago

Demand has shot up due to the surge in people coming here since Covid. Supply has a long lag time, it can’t instantly adjust.

Ana
1 month ago

Kinda true, kinda not true. The demand for the urban corridor like brickell has shot up. And there are a lot of millenials here now that are from abroad, acting like they know how to fix things in miami. Meanwhile they haven’t been outside of brickell, wynwood and the beach. The fact is that Miami Dade lost 30k people so far this year. So the county is shrinking in population while the city of Miami is growing. Also most of the people leaving Miami Dade County are going to other counties in the state of Florida, and thus the state continues to grow in population too…

What we are seeing is a group of wealthy individuals migrating to South Florida and displacing the local people. So when those outsiders come here with their new ideas beware.

Sick
1 month ago

Well said!

Anonymous
1 month ago

More wealthy residents is better for our property values also. I see keep coming!

Checo
1 month ago

“Displaced” has such an ugly tone.
My lawyer friend found that he could work remotely during Covid.

The house that he bought for $205,000 in 1984 sold this year for $3,450,000 (30-Year mortgage paid in full). Until that sale, he was “Local”, and now he is taking his $3M and retiring to their second home in Tennessee.

Was he “displaced”?
He wouldn’t say so….he is taking his $3m with a very large smile.

If you ask an analyst with a progressive bent, she would not factor this in, because it requires deeper dives into the data. To her, it looks like displacement.

ToneDeafHater
1 month ago

^bullshit appreciation #s

Anonymous
1 month ago

“This is not a list you want to see your city on”

Really?.. especially after seeing ranking after ranking for years where Miami was listed as being one of the top three poorest cities in the United States of America?

Anonymous
1 month ago

And it’s still is. Salaries do not match the Cost of living in the city.
I honestly don’t know how a Teacher/Mailman/FireFighter/PoliceMen, ETC..making 40k-50K a year can make it in Miami…These are the People we need for the city, not more corrupted politicians and Friends.

Checo
1 month ago

Catch up.

ToneDeafHater
1 month ago

the few cops and firemen I know around here make 100k+

Anonymous
1 month ago

It still is by the way. I guess it improved to 6th poorest (Hialeah is 3rd poorest in most recent numbers I could find). Only Buffalo, Newark NJ, Hialeah, Detroit and Cleveland had lower median household incomes among 100 biggest cities than Miami.

Anonymous
1 month ago

Hialeah is the 3rd poorest city in the country, yet look at the party they are now overwhelmingly voting for. Talk about voting against your own interests. *face palm*

Peter
1 month ago

All the houses in Hialeah are 500k.

There is no one Poor there anymore. Lol

Checo
1 month ago

Household Income is that Gross or net of taxes?

Given that there are so many entrepreneurs/small business owners in Miami, and so few Fortune 500 companies, do you think that having a low number of W-2 Earners relative to K-1 and 1099 might have something to do with it?

Peter
1 month ago

I’ll take that. And Miami has been full of money since the 80s

DWNTWNR
1 month ago

It’s still a poor city, hence we don’t want to be on this list. The median household income for the county is $68,300 before taxes and other withholding. An apartment costing $2,200 is 38% of your pretax salary. That’s already insane.

Anonymous
1 month ago

Yeah, but those statistics are flawed. It doesn’t consider all the CA and NY residents that moved here but keep their earnings and residency in those states – even though they live here full time now. Also that information hasn’t caught up with the new wave of residents and their higher earnings. Maybe wages have stagnated, but more high-earning individuals moved to Miami, and poorer residents left… that’s gotta affect median income, but we haven’t seen it yet… something is up with the stats.

DWNTWNR
1 month ago

That number is what Miami-Dade County uses when determining income qualification levels for affordable housing. They update it annually. The County has their own research team that does not rely on the Census Bureau. I wouldn’t question this data. Medians are also less easily skewed than averages. If we went off the average, those CA and NY residents would overstate what the true middle of county residents earn.

Checo
1 month ago

So why not rent an apartment 3 blocks from the sandy South Beach for $1,000 or get roommates?

DWNTWNR
1 month ago

Just a reminder that median household income is reflective of households. Some households are 1 person, but most are not. All families are considered households, but not all households with more than 1 person are considered families. Are you saying a family of 3 or 4 should get roommates to afford rent?

Lenny
1 month ago

Good point.
I say being a responsible human being and citizen at a minimum includes:
– Finishing high-school
– Not getting married until you are at least 21
– Not having children without a mother and father in the home

That will nearly ensure that you stay out of poverty.

To realize a better than average life,
I’m saying a family of 3 or 4 should have responsible humans leading the household, and they shouldn’t be renting by the time 2 children enter the picture.

Anonymous
1 month ago

^
Haha.. so all roommates are just the ideal person to have?

Lenny
1 month ago

How/why would you draw that conclusion?

All?

Of course not ..some people are total losers with a horribly destructive outlook on the world.

Anonymous
1 month ago

I would more sooner throw a peo than pay those retarded rents instead of owning in Miami

Checo
1 month ago

Why not?
Doesn’t it depend on who you are and what you do?

If you have deep local knowledge of the real estate market, or you are an apartment developer, you do want to see your city here, because you can affect solutions to the problem and that is rewarding.

J.M.
1 month ago

I wish it would slow down though…

Anonymous
1 month ago

In your opinion, how much or to where do you want to see it slow down?

Southwest Til' I die!
1 month ago

Miami needs more housing! Miami is so hot that if they zoned for 40 story buildings at the corner of 137th and Kendall I am sure some developer would bite. All corridors should be rezoned for high-density.

Anonymous
1 month ago

too expensive purchase price for the lots. Same goes with Little Havanna

Ana
1 month ago

Little Havana is expensive because an upzoning there should be foregone conclusion… you would think since it is right next to Brickell and the demand in Little Havana is through the roof. But common sense is not the strong suit of the City of Miami. They would rather upzone some unknown Industrial park to make up the difference instead of fostering the organic growth of the city. A 40 story building might not sprout up in Kendall, but it could sprout up any where in Little Havana. That typically means you should upzone the area to accommodate for the crazy demand… unless you want sky-high rental prices.

Anonymous
1 month ago

Large distressed properties at major intersections are quite different than small lots in Little Havana, where there are plenty of vacant lots being sat on by land bankers, and TDRs that could be bought from the Riverview Historic District. If upzoning was demanded so badly, West Brickell, Overtown, and the A&E District would be filled with high-density housing, but still have many largely vacant blocks.

Anonymous
1 month ago

“but still have many largely vacant blocks”

That’s because the owners of many of these vacant lots are doing what’s called, “land banking.”

Anonymous
1 month ago

West Brickell is filled with towers, and A&E district has three towers going up now. Organic growth is west from brickell. No one calls it the River Historic District, no but you. The small two or three blocks youre trying to save aren’t the issue, its the larger area of East Little Havana getting more opportunities. T4r doesnt do it, T50 might. These land bankers would sell after an upzoning, to whoever pays, then there would be development, and that kind of randomness of chance leads to arbitrage and opportunities for small people – not just big developers.

Anonymous
1 month ago

Miami needs less people throwing peos, especially those low end renters who love to stink up other people’s apartments

anon
1 month ago

We need more middle class housing

Anonymous
1 month ago

The middle class will cease to exist by the end of the current administration.

DWNTWNR
1 month ago

The middle class has been a myth for at least a decade now, bud.

Anonymous
1 month ago

Miami’s middle class is pretty much gone. You’re either a business owner / well paid professional or you’re shacking up with a roommate in your parents home. That’s pretty much the two types of people I encounter in this town

Anonymous
1 month ago

Miami is extremely overated

Anonymous
1 month ago

Agree, but the numbers say otherwise.

Anonymous
1 month ago

My market unfortunately is the opposite of this. The rents I’m charging my tenants over the past 5 years have been going down faster than I V A N A T R U M P down a flight of stairs!

Anonymous
1 month ago

This means that we are way behind in new construction.

Anonymous
1 month ago

If only every developer built at the pace of Melo!

Anonymous
1 month ago

This is great, it should finally price out the remaining riffraff renters so that we can have a more stable city of property owners

Anonymous
1 month ago

Miami Realtors Winning.

Anonymous
1 month ago

This is great, it’ll push more people to actually own or G T F O! That’ll make our community much more stable rather than having all these transiant renters

DWNTWNR
1 month ago

I know plenty of 2nd and 3rd generation Miamians who rent because flood and wind insurance priced them out of decades of ownership. Are you suggesting ALL renters aren’t local? If so, you’re largely misguided.

Anonymous
1 month ago

Most renters are indeed local losers, the outside money from New York considers Miami condos quite cheap and buys them up rather than renting

Anonymous
1 month ago

Well then you have a lot people in your family who’re losers.

ToneDeafHater
1 month ago

not everyone has family money like you to bring to the table, some have to earn it for themselves

Anonymous
1 month ago

Is who’re even a word???

Runaway 9.1% inflation
1 month ago

The new real issue now is how go you build more residential buildings with the new era of runaway inflation? Construction costs are out of control.

Anonymous
1 month ago

If you think this inflation is bad you should see what’s going on in some people’s gastric pathways, that’s inflation and when it blows, it blows!

Anonymous
1 month ago

Miami needs rent control average people can’t afford to live there any more you goto any neighborhood in Miami and were before there were 2 cars per home now there are 10 people are renting rooms living the third world life to survive .The government has to step in and intervene in the name of the people to bring rent prices closer to people’s salaries

DWNTWNR
1 month ago

Too bad the state legislature preempted local government from both rent control and setting higher minimum wages. This is why voting in state and local elections matters more than federal.

Anonymous
1 month ago

“Miami needs rent control”

Well, get ready to hear somebody on the right who’ll say you want “big government.”

ToneDeafHater
1 month ago

its worked so fuckin well in NYC and Cali…..

Anon
1 month ago

Why don’t you go live in communist Cuba or NYC if rent control is what you want, lib

Anonymous
1 month ago

Rent control leads to nothing but B U M S and H O M E L E S S and S Q U A T O R S

Pro-Capitalism Blue Voter
1 month ago

Rent control has the opposite effect and will do nothing to solve any of our problems. Building more, on the other hand, is exactly what will help. Pressure our elected officials to up-zone Little Havana and Overtown areas, for a start.

Anonymous
1 month ago

According to the Federal Reserve, there were over 15 MILLION vacant housing units in the nation in Q1 2022 (most recent data available). Obviously, that varies at smaller geographies, but it’s clear that supply isn’t 100% the problem here. What we need is a vacancy tax. Empty housing units reduce a sense of community, increase crime, and push rental prices up through an artificial shortage. Houses that stay vacant for long periods of time also tend to cost more for owners when plumbing isn’t used and air isn’t circulating.

Anonymous
1 month ago

Not a fan of rent control but a vacancy tax isn’t a terrible idea. Although I do think it’s slightly concerning that we are demonizing people having second properties. I have properties in a few countries and I have worked hard to get to this point. We should prioritize home ownership. If people get priced out from renting in an area, they will find another neighborhood or they will realize they need to better invest their money to eventually buy their own property.

Anonymous
1 month ago

Buying up cheap houses in what they now call Wynwood Norte about a decade back was the best investment of my life. I got to retire in my 40s and will be coasting off these renters there for the rest of my life and people thought I was nuts buying into that “bad neighborhood” back then lol

Anonymous
1 month ago

That area needs some major gentrification. Prime location and major potential.

Anonymous
1 month ago

It’s coming for sure but step 1 is price out and remove all the B U M S and H O M E L E S S in that area

chongalicious
1 month ago

97%???????????? then why do all the buildings in edgewater and midtown all have large “now leasing “signs????? and most of these building throughout downtown look half occupied at best…airbnbn skewing the numbers too..i bet if we broke down the availible units by price point it would be revealing…we all know the more affordable units are all snatched due to miami low median wage….and a glut of luxury units exists

Anonymous
1 month ago

I have a friend looking for an apt in Midtown/Edgewater right now and she has called those place with “now leasing” signs. Most are completely occupied through at least September. Others have 1-2 vacancies at a time, which tend to get rented within a few weeks. The signs stay up but that doesn’t mean there are actual vacancies.

Anonymous
1 month ago

Exactly, and there’s good money to be made from administrative fees passed on to the prospective renters

white flight
1 month ago

airbnb’s dont count

Anonymous
1 month ago

Please specify… are you talking about commercial leasing or leasing for apartments and houses?

Anonymous
1 month ago

It’s no secret that property owners in Miami regularly collect filing fees from prospective tenants even when their property is already rented and then they just decline the tenant. I know owners making more money off those fees than the rent itself. It’s a smart way to double up your profits which should then be reinvested into your next home purchase

DWNTWNR
1 month ago

A lot of times buildings are lazy or forget to take the signs down after the building is opened and leased.

Anonymous
1 month ago

“buildings are lazy buildings or forget to take the signs down?”

DWNTWNR
1 month ago

Prime example is Eve at the District. Opened in 2016, yet the big leasing now sign is still up. Currently, they advertise only 3 available units. There are also some projects in Melotown that have been open for over 4 years that also have leasing now signs still up, and they have waitlists for their units.

Checo
1 month ago

Not true Chongalicious.

scrimshaw
1 month ago

dude…just drive by some of these and you can see how many units are obviously empty…especially at night…..airbnb and llc hedgefund owners sitting on an investment or tax write off ….

Anonymous
1 month ago

So when I travel out of the country (frequently) and my lights are off at night for weeks at a time, do you consider my condo “obviously empty”?

Anonymous
1 month ago

Perfect Timing for this article… PMG just switched their ongoing Tower Project from Rental to Hotel & Condos. We can develop all the lots in the city but if we keep Building ‘LUXURY CONDOS” that are owned by Investors abroad that keep them empty, we will always have a shortage. Zoning Should Require a minimum of the Units be Rentals on some of these project, Its the only way we could start making ground on the shortage if that’s goal for the city…but anyhow, this city it’s ran like a Banana Republic

Anonymous
1 month ago

At least three new highrises under construction in downtown are dedicated to short rentals.

Anonymous
1 month ago

There are plenty of apartments in development right now. Not so many condos.

Anonymous
1 month ago

Is this an observation or a fact? Would like to see these Numbers since Building Permits do not Guarantee Construction.
There is a tendency for Rental projects to change to Condos once approved by the city…..

DWNTWNR
1 month ago

Fact: Developers can build something with a permit for multifamily, and then at TCO/CO, they can apply for a new CU for “condo-hotel/apartment-hotel.” It basically converts the entire building into lodging since traditional lodging units are not allowed to have kitchens, this is a workaround to obtain the proper CU once you’ve already built it but decided to change the use. It’s happened in quite a few spots in Wynwood and Brickell.

Qtip
1 month ago

They don’t keep them empty, that’s only at the high end of the market and even then mostly in cities with far lower property tax. You have no idea how a Banana Republic is run cause most have them have the rules you favor and then some….

Anonymous
1 month ago

You expect non-luxury housing with a view of Biscayne Bay? Please…

Madame Bovary
1 month ago

Who can afford buying houses after the increased in the interest rate from the Federal Reserve to control the inflation that “ Putin” created in America ! 🤗

Anonymous
1 month ago

More like the inflation created by big businesses jacking up prices and then using Putin as a “supply chain disruption” excuse because they can no longer use Covid for that lol

original dune movie
1 month ago

this is the truth…

Checo
1 month ago

Too much stimulus, that should have ended after PPP1 and EIDL in 2020.

There doesn’t seem to be an end in site. Next up, more stimulus checks for households to “offset inflation”.

A new study shows that on this Presidential Economic team, 62% of them have ZERO business experience.

If you don’t know a think about business, you tend to make really really stupid decisions that effect real people. It hurts the poor the most.

Anonymous
1 month ago

“Too much stimulus?”

Tell me, how do you gauge that?

John
1 month ago

we live in a bubble-based economy..its real estate and cars today; a year later will be something else. economic prosperity nowadays is now mostly predicated on anticipating where the next bubble will be.

Anonymous
1 month ago

Can a newbie real estate agent make money in this town in rentals, given the tremendous growth in rentals.

Anonymous
1 month ago

Yeah, buy or build a home and rent it out.

Anonymous
1 month ago

We need more Melos

Anonymous
1 month ago

Except less Downtown 5ths, Miami Plazas, and Melody Towers.

Anonymous
1 month ago

Nope, bring on a lot more of them.

Anonymous
1 month ago

If you’re a renter, stay out of this convo. Us property owners want our city to be more beautiful, not a giant shantytown.

Anonymous
1 month ago

What’s up with Harrisburg? Are blue state carpetbaggers all moving there to steal an election again?

Former305
1 month ago

People moving out of Philly?

Flash
1 month ago

Wouldn’t you?

Anonymous
1 month ago

God you people still believe those conspiracies? Get a grip.

Anonymous
1 month ago

Look, he still believes the election was stolen.