WSJ: Rents In Brickell, Edgewater & Downtown Have More Than Doubled, Angering ‘Native Miamians’

Some Miami locals are “steaming” over “shocking” rent increases, according to the WSJ.

Rentals prices in Miami have surged 58% in the past two years, according to Realtor.com, due to strong demand to relocate here.

Brickell, Edgewater and Downtown, which are “some of Miami’s most desirable neighborhoods,” have seen much higher increases though, the WSJ wrote.

At least a dozen buildings in those areas have seen rental prices more than double, brokers told the paper.

Several examples were cited in the report:

  • One native Miamian living with a roommate in Brickell Heights said rent was increased from $3,300 to $7,000 in a two year period
  • Another Miami native with a master’s from NYU and her husband from Harvard Law School were forced to settle for a 3rd floor apartment with views of a storage facility after rents doubled
  • A newly transplanted New Yorker said the rental price on his apartment went from $2,800 to $6,500

The report also said that bidding wars have breaking out on some apartments.

Companies relocating employees here and tenants themselves are sometimes offering to pay a full year of rent upfront to secure their apartments, the report said.

 

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Urbanist
5 days ago

We need to build MORE housing. Reducing housing and increasing the costs for developers by increasing parking minimums is not the way to go.

It seems our entire city council loves to talk about the “free market” and then do the opposite at every chance.

Urbanist
5 days ago

All of Little Havana and Allapattah need to be re-zoned to T6-12-0 with 200 units per acre density to meet the current demand. Little River also needs to have at least T6-8-O.

Melo is sigma and chad
5 days ago

Liberty City too. 7th Ave needs to be a wall of highrises. They’re plenty of empty lots even in overtown. We have the space, let melo have a field day out here.

Brooklyn
5 days ago

I hear you, but the unfortunate reality is that when building capacity increases, so to does land prices. Opening up the floodgates to build more won’t solve the problem by itself because land will continue to appreciate in value.

Aurelius
5 days ago

I work in development underwriting new deals. I can tell you that the cost of land is a relatively small part of the deal. The issue is that only the most desirable areas have enough density.

For example in brickell you can do 1000 units/acre. In most other areas the max is 150 units/acre.

So the only way to make a deal in Little Havana work with the less density is charge just shy of whats in brickell. Allow 300 units per acre in Little Havana and even with higher land costs you’ll see deals work with rents that arent insane.

Not Anonymous
5 days ago

I agree Little Havana is ripe for development, and the only thing stopping it is old Cubans that don’t like progress and want to live in an ugly pink townhouse their entire life. (And the commissioners they elect)

Anonymous
5 days ago

Most Cubans don’t live in Little Havana!

Anonymous
5 days ago

Unpopular opinion; I like those ugly pink townhouses. I would pick them over generic midrises any day. If they had a little more TLC that is.

MM305
4 days ago

But the city needs generic mid-rises more than pink BS from pink minds like yours. You and everyone like you would like to thwart Little Havana from becoming a truly walkable integrated neighborhood just to keep its “character” – at the expense of tens of thousands. We are all aware of what kind of “character” you’re talking about and how exclusionary that kind of mentality is for a city built on diversity.

Anonymous
5 days ago

By “ugly pink townhouse,” you mean beautiful old 1920s apartment houses? Sorry, but if you want to see it all replaced with giant boxes with parking pedestals (as in not Metrorail extensions), that’s a recipe for disaster.

Not Anonymous
4 days ago
Dude
5 days ago

Very disrespectful – cuban families have lived there for decades. Unfortunately gentrification is inevitable, but let’s not celebrate people losing a piece of their culture

They call me...
4 days ago

Absolutely correct.
And areas in unincorporated MD allow for 50 units per acre…which is why they typically build 4 story garden apts and not Mid or High rises

MM305
4 days ago

Trying to make a distinction between “midrise buildings” and “4 story buildings” is just silly. The arbitrary nature of people’s opinions on how tall a building should be is insane these days. Like your opinion of when a building is too tall really counts for anything other than hot air. A “midrise building” is anything 5-12 floors. So you are all in favor of 4 floor buildings, but 5 floor buildings and 6 floor buildings are just too tall. IT IS INSANE FOR YOU TO SAY SUCH A THING!

They call me...
4 days ago

When Wynwood up zoned, apartment development and new projects are coming fast and furiously

They call me...
4 days ago

When the demand is high for a scarce number of units, then land prices are high.

Adding more supply (with demand staying equal) will lower prices.

Anonymous
4 days ago

Yes it will, if you build enough prices start to fall. That’s why Miami was a cheap city before covid cause the city had over built. back in 2019 you could find a 1/1 br in brickell in a new building for under 2k.

MM305
4 days ago

Land prices only increase minimally compared to the usage you get out of it. Plus the land will carry significantly more units per square foot of dirt. You are way off base and don’t know what you’re talking about… But then again you are from Brooklyn and have that dumb as rocks NYC mentality when it comes to housing. Please don’t create a NYC problem here, then attempt to solve it with bad policy that has yet to work for the North East at large.

Downtown Blue Voter
5 days ago

The same should be done with the NW 7th, 12th, 17th, 27th Ave., and NW 79th St. corridors, especially in the areas with easy access to the Metrorail. Also, they must get rid of the 35 Ft Height restriction in the MiMo District.

Anonymous
5 days ago

Great Idea. Treat those Corridors in the same manner US1 and Metrorail are been developed.

Anonymous
5 days ago

Make that at least 300 units per acre.

MM305
4 days ago

May you be inscribed in the book of life!

NotOnMyNickle
5 days ago

Since when is it our duty to provide cheap housing to everyone who wants to live here? If they don’t like the prices, move to Aspen!

Urbanist
5 days ago

Look at CA and NYC. Expensive housing means everyone who works in the buildings (cleaning, maintenance, towel service, fitness, people who make your coffee, people who fix the plumbing) all need to get paid more.

If they all move to Aspen it will be one hell of a repair bill to fly everyone in that’s required to fix a pool pump.

Not Anonymous
5 days ago

Aspen is a resort town. Horrible example to prove your point that just shows that you have no right to talk about the plight of poor people.

Anonymous
5 days ago

And you think Aspen is ship?! Aspen is where the rich and famous hang out.

Anonymous
5 days ago

Correction…cheap

They call me...
4 days ago

It is sad to read about the 25 year old saddled with student debt from Harvard have to move DOWN from the 26th Floor to the 3rd floor and loose the view if the bay.

Heart-wrenching.

Thankfully, they are still in a building with thrice daily Yoga classes and a place for Chi-Lattes.

Namaste.

David
5 days ago

Unfortunately it seems half the units have been converted to short term rentals (i.e. Airbnb) so there is little to no housing available for actual residents. It doesn’t make sense for an owner to rent a place to a resident for 3k a month when they can rent it for $350 a night as a pseudo-hotel room (350×30=$10.5k a month). Short term rentals are a huge affordability issue. You could argue the real issue is too few hotels (which charge too much) which forces the masses into these short term rentals.

Urbanist
5 days ago

This also makes point that we need more units. More for hotels and visitors and more for residents.

They call me...
4 days ago

Thanks for that….it seemed like I was the only other person making that connection.

Airbnb’s have allowed Landlords to take a lot of housing stock out of the maeket.

chongalicious
3 days ago

if you look at the towers all around downtown ,wynwood,and edgewater…they all look at best 35-50% occupied…very much lights out nobody home…this idea that there is a shortage of units is false..it is very much the short term rental and owners parking money..

Anonymous
5 days ago

Move to Hialeah, problem solved!

L L
5 days ago

Problem solved? If you’re moving Hialeah your problems are just beginning…..

Anonymous
5 days ago

Pero por lo menos we hab those delishus croquetas pa’qui papi

Anonymous
5 days ago

Sure, leave it up to developers to reduce costs.. Good One!
You meant to increase their Profits.

RealMiamian
4 days ago

So tired of these lazy dishonest comments about parking. Oh boo hoo developers have to build parking for residents and the people who visit them. Yeah that’s just dissuading so many people from building lol give me a break. So we can live in some hell hole with no parking and a parking spot can start costing the same as a studio apartment? Developers who want to build have plenty of incentives cut the crap and try walking everywhere you have to go through a full Miami summer. We’re a car city, get used to it and plan for it. It ain’t changing, go buy a lambo!

Joe CARollo
5 days ago

Leave it up to the commissioners to turn $1 into 15 cents

Green Lion
5 days ago

While you are correct that building in Miami is a nightmare, and there is plenty of land in downtown, overtown Edgewater, etc. to develop, construction costs are at an all-time high with materials and labor at all-time highs.

Anonymous
5 days ago

Hopefully more high paying jobs come to Miami too. We need more professionals, it can’t just be onlyfans “entrepreneur”, crypto losers and drug dealers.

Anonymous
5 days ago

We don’t want jobs, just cheap housing

Anonymous
5 days ago

Don’t forget student debt amnesty and Metromover extensions everywhere, so long as “they” don’t have to pay for it.

Anonymous
5 days ago

The Metromover should be extended everywhere but no one is asking for that to be free. I am fine with adding a fee to use it like in NYC

Anonymous
5 days ago

What about you tubers?

Anonymous
3 days ago

AMEN

Anonymous
5 days ago

All that land Mana is sitting on should be triple taxed. We need more development not land bankers.

Urbanist
5 days ago

Land Value Tax in the core!!

ParkingHater
5 days ago

LVT everywhere. But only once the county takes over zoning and we can get rid of all single family home zoning.

Anonymous
4 days ago

^^ALL??? you think current residents are gonna allow condos along Old Cutler Road in Coral Gables and Pinecrest and Palmetto Bay? No elected officials who want to keep their jobs will go with this crap. They pay more in just property taxes than these crying renters pay in rent. Their property values and quality of life trump the dreams of some MDC Urban Planning student. Try to reconcile your dreams with real world realities.

Anonymous
4 days ago

There already is no single family zoning in the urban core of Miami. They need to mass upzone areas of LIttle Havana, Silver bluffs, allapattah, and over town even more for it to be economically feasible to build.

m m
5 days ago

Its unconscionable the way that man is selfishly holding downtown hostage. It’s disgraceful.

Anonymous
5 days ago

I’m pro capitalism but Mana is everything wrong with the super rich, he is making money to the detriment of thousands of low class people in Miami. If he would release just a fraction of that land it can alleviate some of the housing demand and help lower prices.

They call me...
4 days ago

Not many super rich like Mana. It’s the grant writers who are hitting him up for free rent or sponsorships that sing his praises.

Joe CARollo
5 days ago

MANA = may actually never attempt

RealMiamian
4 days ago

Why should he be “triple taxed” for investing so heavily in our city? I wish we had more developers investing in acquiring real land to do really well planned projects instead of everyone trying to squeeze in an 80 floor tower into the tinniest lots and having every new building ruin the view of the last.

When people build in larger tracts of land and plan those developments to create communities that have some cohesive planning it seems to be better. I bet you’d rather he build a dozen skyscrapers on tiny parcels with no setbacks. Why? Who knows maybe you’re just a hater?

anonymous
5 days ago

man, it was tough to buy … but so happy we did…

for years, renting made more economic sense than buying… as taxes, and HOA are so high here. But, man, if our rent doubled, we’d be outta here.

Anonymous
5 days ago

We bought recently as well. So thankful to not be subject to the price increases of a landlord anymore!

Anonymous
4 days ago

now we’re just at the whim of homeowner’s insurance companies which are dropping like flies =/

They call me...
4 days ago

Yep. Bought in December 2021.
A mortgage that will be fixed for 30 years.
No one is gentrification me!

FOMO Overload
4 days ago

Congrats to everyone here buying at the top of the market cycle.

nobody
4 days ago

lol downvotes from those buyers. you’re not wrong.

FOMO Overload
4 days ago

Yeah lol I know, the places they stretched 5X their gross annual income to buy will be worth 80 cents on the dollar 3 years from now, and they also won’t be able to make the stretchy mortgage payments when their incomes shrivel up in the upcoming recession, but at least they didn’t get left out.

Anonymous
4 days ago

Ok, tenant. Enjoy your endless rent hikes!

Anonymous
3 days ago

^Enjoy negative equity and Condo fee/insurance hikes

Miami/dade county person
4 days ago

Lol

Anon
3 days ago

Bought in 2019 and man I thought that was the top of the market at the time.

Anonymous
5 days ago

Time to build up Overtown

Anonymous
5 days ago

Overtown should get luxury highrises as it’s too close to the city core.

Anonymous
5 days ago

A lot of those 2-4 story buildings need to get bought out or knocked down and fill up the lots all around Red Rooster. Make that whole area feel like an extension of MWC and Brightline

Anonymous
5 days ago

It’s only a matter of time! I long for the days that I can walk north on W 2nd Ave from Brickell without feeling like I’m going to be mugged or shot.

Anonymous
5 days ago

Overtown belongs to black people so leave it alone

Anonymous
5 days ago

Troll

Anonymous
5 days ago

Segregationist

ParkingHater
5 days ago

buddy black people live in overtown because they were forced there by merrick and his buddies. are you advocating for segregation?

Mekagoenti
4 days ago

So what if they were forced there. The point is that now people like you want to kick them out because the area has become desirable. F. U.! That is their community and I hope it stays that way. YOU go find somewhere else to live.

Anonymous
4 days ago

no one is kicking them out, many black families still own those empty lots and busted houses… they’re sitting on them similar to the way the MANA is doing with his downtown land. One day they will all be bought out, aka they will “sell out”. So no one is holding a gun to anyone’s head to sell.

Brooklyn
5 days ago

Sad. When I first moved to Miami in 2019, it was not difficult to find a great 1BR in a modern building for +/- $2,500. Guess those days are long gone.

Anonymous
5 days ago

Those apartments are around $4,000 now

Anonymous
4 days ago

Wow, you’ve been here all of 3 years. I guess you shouldn’t be considered the same as those other NY’ers that just got here.

Anonymous
5 days ago

I live downtown and pay $3,000. Now they want $6,500 for the same apartment😱 Where can I move?

Anonymous
5 days ago

Hialeah

Anonymous
5 days ago

A cheaper building or a 1 bedroom.

Anonymous
5 days ago

I have a family so I need a two bedroom and there isn’t anything cheap unless I go far

Anonymous
5 days ago

I hear you. There are 2 bedrooms for between $4k-$5k in the urban core. I have also seen very cheap rents on the Beach still. I know someone who just got a 1 bedroom in a decent building in Mid-Beach area for $1,500.

They call me...
4 days ago

South Beach.
2 Bedeooms under $3,000.

Mid-Beach, Normandy, Bay Harbour, Surfside, etc. Etc

Anonymous
4 days ago

Even for MORE money, I’d rather live in those places than in downtown.

PeaceIntheMiddleEast
5 days ago

To a mansion. . .if you can pay $3,000 or $36,000 a year you need to BUY stop renting

They call me...
4 days ago

Property owners are never gentrification

Anonymous
4 days ago

Some people don’t plan on staying in an area for more than a few years.

Anonymous
4 days ago

Other people don’t like buying at the top of a bubble.

Anonymous
4 days ago

That too

They call me...
4 days ago

South Beach.
You can get a one bedroom foe $2,100 that is 6 blocks from the ocean and two blocks to Whole Foods.

Anonymous
4 days ago

Not in downtown 😂

Miami/dade county person
4 days ago

I moved from a 3 bedroom in the SLS brickell. Someone bought the unit. I looked in the same building because I had been there since it opened and wanted to stay. We love the building, but rent has doubled in all the units. A 3 bedroom now goes for 7k on a low floor and 10k on a higher floor. I ended up in Satori in Miami lakes. Good thing I work from home.

Marcelo
5 days ago

People are ultimately paying these higher rent prices. Not enough supply of units for the ridiculous current demand to live in Miami

Jorge Mas
5 days ago

Rent didn’t go up for me!

Anonymous
5 days ago

Drop the link to leases at your building then 🙂

Anonymous
4 days ago

Try renting condos from private owners. Lower rents, lower renewal increases (if any), and faster repair response.

m m
5 days ago

Low-key terrified to get my rent increase in October. I live in a Melo building by school board and I’m really hoping they don’t kick it up too much

Anonymous
5 days ago

The coin always has two sides: if Miami natives are annoyed by the rise in rents, there is a large portion of Miami natives, those who own property for use or for rent, who are very pleased with this rise.

Anonymous
5 days ago

“there is a large portion of Miami natives, those who own property for use or for rent, who are very pleased with this rise”

Heck, they are ones who’re raising rents to the prices they’re asking!

Joey305
5 days ago

Easy fix, ban Airbnb. The reality is there is a recession coming and these landlord that had good stable tents are going to be left high and dry.

They call me...
4 days ago

The stimey money is running out, fewer AirBnBs will be profitable.

RealMiamian
4 days ago

Yeah I think you’re right. You gotta love the fly by nighters coming in paying 5x what something is worth in the same breath they complain about inflation. Between the new arrived out of towners with no real bearing on the local market and the short term rentals that’s doing the most damage to the local market and falsely inflating the market. That and other realtor driven speculation/hype who are just looking to make money off a sale. Long term owners and residents would prefer values actually reflect reality and that the markets are stable.

chongalicious
3 days ago

this is the truth…and also that many of these buidlings are at best 30-50% occupied…its a lotta hype and speculation.

MM305
3 days ago

Where are you getting your BS stats from? Most buildings are over 90% occupied – and most are owned by corporations, so they have to release this information through the Sunshine Act, taxes, and SEC filings. You are so off base!

gravy train
1 day ago

owned units doesnt mean occupied…

Joey305
3 days ago

Just watch the stock and crypto markets, they will be selling units like crazy to cover their losses, the bleeding has just begun. I would expect liquidation to start in June and July as the markets continue to drop another 20%. Corrections will come when the tech companies start cutting positions which has already started with Reef, Twitter, and Uber now that cheap money doesn’t exist. I for one would be happy to help them pack up and move.

Joe CARollo
5 days ago

Just listed: studio with parking lot view, parking extra

$3500

Anonymous
5 days ago

I think a big problem (be it not the only problem) is a lot of people don’t want to live close to where they actually work. I know a lot of people who live or want to live in downtown/brickell but actually work in Doral or even as far as Fort Lauderdale and still choose to commute to work. Instead of the majority of people commuting to the urban core a lot of people commute out of it. The other big problem is Airbnb. But Airbnb is a huge problem across the major cities around the world. Unlike other major cities miami is doing nothing to fight it… look at the amount of new development in downtown that is geared towards short term rental.

Anne A.
5 days ago

Geez, both of those WSJ examples come out to an identical $3,700 monthly ($44.4K annually) increase in rent – in two different neighborhoods. Not a coincidence when reporting is eager to gin up outrage.

Anonymous
5 days ago

The reporter is not ginning up outrage. I rented a two bedroom with a water view in Brickell for $2500 a month and those same units are now going for $5000+ a month. Rents are doubling everywhere in desirable neighborhoods and especially in high rises close to the water.

Anonymous
5 days ago

And you think it’s reasonable to expect to pay $2,500 for that type of unit?

Anonymous
5 days ago

What one may think is reasonable rent doesn’t mean much when it actually comes to the scheme of things. What the owners are charging for people who are looking to rent is the reality.

They call me...
4 days ago

How long were you enjoying those cheap $2,500 per month rents?

Were you grateful to be getting amazing water views in an amazing neighborhood for 1/2 of what others would value them?

Scroll back through the TNM posts or the Miami Herald archives.5 or twn years ago…people will bitch about the “rent being too damned high” no matter what the rent is.

RealMiamian
4 days ago

The $2,500/month was and still is too expensive for most and not cheap.

Anonymous
3 days ago

$2,500 for a 2 bedroom is too expensive for most?! Get the fuck out of here. If you can’t afford that, you do NOT belong in Brickell.

Anonymous
5 days ago

Rents are catching up with the rest of the major cities in the country. Previous rents were ridiculously low. Some people were living in luxury buildings downtown for $1,800…that was ridiculous.

Urbanist
5 days ago

Disagree – this is all supply and demand. Real estate projects pencil out with rents at $1800 for a 1BR and not crazy amenities. Look at the Melo Group.

Anonymous
5 days ago

Melo is expensive too now

They call me...
4 days ago

What are you disagreeing with?
My tennant paid $1,900 per month for a 1bdrm in Brickell on a low ish floor, 2005 bldg and no view.

Underwritung MWC apartments 4 years ago, $4 per sq ft rents was the norm. Seemed crazy then… brilliant now.

chongalicious
3 days ago

people seem to forget our economy and job market is much different than other big metro areas…we have a very low median wage for such a large urban area….

RealMiamian
4 days ago

$1,800/month for renting a 1/1 in Brickell was already higher than most of the county and not cheap. What’s ridiculous is the ignorance of new comers with no bearing on the local market overpaying for things they don’t have a clue about.

Anonymous
5 days ago

All Themis money in rent and still no good public transportation.

Anonymous
5 days ago

Your feet are free

Melo is sigma and chad
5 days ago

The city and county need to discount any local government own lots to Melo. They produce thousands of units before EOY.

chongalicious
3 days ago

how about a speculators fee on all purchases east of miami ave???? an L.L.C. fee on units purchases east of that line too??? raise some money for our shitty infrastructure and shitty schools??? the city commission cant seem to raise enough money and keep it…why not ban airbnbs and actually enforce that ban??? remember the carlisle group scandal down here back in the 00’s????

Anonymous
5 days ago

Lol, it’s basically the biggest rip off in the whole nation

Anonymous
5 days ago

I’ll bet the so-called “native” Miamian’s parents came here on a makeshift canoe out of an oil drum and speak Spanish 95 percent of any given week. The fact is people from the northeast built Miami from 1890 to WWII, years before the retirees, Cubans, or coke dealers who like to pretend nothing existed before them.

Anonymous
5 days ago

BINGO!!!

Anonymous
5 days ago

So true! The infrastructure was built long before the Cubans. They just benefited from it. Just because you account for a large segment of the population doesn’t change history. Gringos are responsible for the foundation of Miami as a municipality.

Anonymous
5 days ago

We can argue for hours about who is a “true” Miamian, but whether they’re Cuban, white, old, young, etc, EVERYONE is being taken advantage of with these prices. I’m a conservative guy but we actually might need some kind of government intervention here. The issue is that we we need middle class and working class people to work many occupations. What are we going to do if everyone living within an hour’s commute of downtown is either an executive or homeless??

They call me...
4 days ago

Wrong.
Not everyone.
Renters very often feel shafted. Owners do not.

Owning property takes a lot of effort. Being a Landlord takes a lot of effort. Renting does not.

Recently, financial literacy is being mandated in public schools. This is a great start.

Anonymous
4 days ago

A lot of people who rent are just out of college or graduate school and don’t want to put down roots yet. Some people know they will only be in that location for a year or two. Others can’t afford it. Obviously everyone’s goal should be to own a home but renting needs to be affordable for the people who just aren’t there yet.

They call me...
4 days ago

Wrong.
Mid-Westerners founded and built Miami.

Mekagoenti
4 days ago

Miami would be like every other insignificant city up and down the coast of Florida if it weren’t for the Blacks and Hispanics who have actually made this their home and not just some vacation/retirement community. The majority of white Anglos were gone by the 90’s and from what I’ve seen the ones that stayed have all blended in with the Hispanic community. The past 30+ years of progress in Miami have all been thanks to minorities.

Anonymous
4 days ago

Um have you seen the majority of Miami, where the Cubans actually live? Yikes.

Mekagoenti
4 days ago

Yes, I’ve seen it. From the old money Cubans living in beautiful homes in the Gables to the recently arrived immigrants living in an efficiency in Hialeah working their way to a better life. It is amazing, it is unique, it is beautiful. It is what gives this city its soul. That is undeniable.

RealMiamian
4 days ago

You’re right Mekagoenti but soulless people find it hard to understand these concepts. Ironically it’s why they like Miami, because unlike them we have soul…they want to crush it because they don’t know any better and have never had to cultivate, create or be a part of anything with any soul. They want to bulldoze it all and then cry in a skyscraper before moving on to destroy in a year the next place others have kept great for generations. They won’t be happy until you have to pay 3 years of rent in advance to look at an iguana drown in a sewer pipe as a view.

Miami/dade county person
4 days ago

Facts

Anonymous
3 days ago

“Anglos” are Anglo Saxons, from Wester Europe. It is racist to call white people Anglos. Most of the white people in Miami are from Eastern Europe. You wouldn’t just call everyone who is Latino a Mexican

Miami/dade county person
4 days ago

Lmao. People would come here and wait to die before the 80s and the Latin American influences that make the city what it is today.

adios86
5 days ago

easy…chill.. move to miami is over people thats #1, crypto/nft crowd soon to be bankrupt, the amount of supertall supply coming on the market will make 2008 look like walk in the park

bob1
5 days ago

10000000% correct..this is just another Miami boom bust cycle.

gravy train
3 days ago

time to renew my subscription to condo vultures…

Please
5 days ago

Can anyone post the article? I don’t have a subscription to walk street journal.

Anonymous
5 days ago

1) Natalia Solar moved to a 49-story luxury tower in Miami’s Brickell neighborhood two years ago. She and a roommate paid $3,300 a month for a two-bedroom apartment in a building with an Equinox fitness club, rooftop pool, and 24-hour concierge service.

She renewed the following year for $3,500. Then when her lease expired earlier this year, the landlord delivered some shocking news: He was doubling the rent to $7,000 a month.

Ms. Solar looked at other apartments in the building, but every two-bedroom condo available for rent was going for $6,000 to $7,000. Even with the recent pay raise from a law firm where she works as a paralegal, she couldn’t afford those prices and is moving out of the building.

“We’re getting pushed out by these people who aren’t native Miamians,” she said. “It’s happening with everyone I know that’s renting.”

Anonymous
5 days ago

lmao considering the luxury, $7000 is not even that much. In NYC that would be $10,000

Anonymous
5 days ago

2) Miami-area apartment rents have soared 58% over the past two years through March, the fastest rate of any U.S. metro area, according to Realtor.com. That compares with a 19% average national rental increase over that period.

But in some of Miami’s most desirable neighborhoods, like Brickell, Edgewater and Downtown, rents have surged much more than that. For at least a dozen high-end buildings in these hot spots, individual condo owners leasing their apartments have asked for rents at double last year’s price, according to real-estate agents and tenants.

Those quantum leaps reflect the recent migration of so many finance and technology professionals pouring into Miami, drawn by Florida’s year-round warm weather, lower taxes and what newcomers say is a more business-friendly environment than in places like California or New York.

Many of these new Miami residents have high-paying jobs and are used to significantly higher rents in expensive West Coast and Northeast cities, making even the steepest Miami rents seem reasonable.

Anonymous
5 days ago

3) Sammy Mancini is one of the new Miami transplants. Her previous apartment was in Manhattan’s East Village neighborhood, where she lived in “a tiny little shoebox” with two friends, she said.

In 2021, Ms. Mancini quit her job, found another New York-based job that allowed for remote work, and moved to Miami this year.

“My friends would tell me how much they were paying for their apartments, and I thought ‘wow, that’s nothing compared to what I was paying in New York,’ ” she said.

In New York City’s East Village, she and her two friends squeezed a third bedroom into their apartment by putting up a temporary wall in the living room. She split the $6,000 rent and paid nearly $2,000 for a bedroom that barely fit her bed, she said.

Anonymous
5 days ago

4) Now she’s living in her own luxury unit with floor-to-ceiling windows and two pool decks. Her luxury one-bedroom apartment in Brickell rented for $2,600, though those same units today go for upward of $4,000.

Her real-estate agent, Alex Marks, is also a new transplant from New York. He works at a financial-technology company based out of Paris, and leases apartments on the side because the business has become so lucrative. His first apartment, two bedrooms on the 40th floor with water views in the Brickell neighborhood, went for $2,800 when he first arrived, and is now renewing at $6,500.

“Everyone’s like: ‘When’s it gonna break, when’s the bubble gonna pop?’ ” Mr. Marks said. “I truthfully think this is the new Miami.”

Bidding wars for Miami homes for sale have become commonplace over the past year. Now, these competitions are breaking out among renters. To secure an apartment in the most-sought-after neighborhoods, tenants offer anywhere from $200 and $500 above the monthly asking rent, while some agree to pay one year’s rent in advance, according to residents and real-estate agents.

“Anything that was listed, the price was fictitious; everything would come in much higher than asking,” said Carlos Cortes, a Miami local who was priced out of Downtown.

Anonymous
5 days ago

This is only about half the article. I tried to post the rest but was prevented from doing so by the admins.

Thank you
5 days ago

I really appreciate you posting. This is an incredible historic snapshot of where we are in Miami right now.

Anonymous
5 days ago

MOISHE MANA is the man that can solve the housing crisis. he will build millions of units in no time

Anonymous
5 days ago

One Milllionnnnn units

Tom
2 days ago

Disallow the local zoning the restricts multiple housing on a piece of land…. Open up the zoning to allow more units! Even allow tiny houses …, And no one is gonna die!!! To heck with the real estate and insurance babies

Anonymous
5 days ago

$3,300 to $7,000…jezuz

Pájaro nalgon
5 days ago

It’s all big booty bird

Jmartinez
4 days ago

Blame insurance excessive increases on Condominium buildings, among other issues.

RealMiamian
3 days ago

That’s just because our dumb Governor decided to attack Gays and Disney instead of passing new regulations after Surfside.

Anonymous
3 days ago

Those new regs would’ve jacked up Condo fees. HOAs pushed against them.

Logic
2 days ago

The city of Miami needs to redo their entire zone rules. The entire city footprint needs to allow higher and denser construction. This is getting ridiculous. The supply isn’t enough

Anonymous
5 days ago

Thanks, DeSantis!

Anonymous
5 days ago

Ironically yes. People are tired of blue state life.

Anonymous
5 days ago

(scratching my head).. wtf?

Downtown Blue Voter
5 days ago

No one is less welcome in Miami than DeSantis.
So if you want to give him credit for making Miami appealing to thousands of New Yorker new Implanters, then we have to thank him for bringing the people who will flip FL blue.

Anonymous
5 days ago

Florida is not flipping blue anytime soon, if ever. The cubano bloc and the senior citizen bloc, both of which are growing ever more red, will prevent that.

— a fellow blue voter

Anonymous
5 days ago

It was only a matter of time. Renters demanding to pay under $3,000 for a 2 bedroom in a luxury building is frankly comical.

Anonymous
5 days ago

Every building in Miami is “Luxury”!!!

Anonymous
5 days ago

Lol not really

Anonymous
5 days ago

“Renters demanding to pay under $3,000 for a 2 bedroom”

demanding?

Anonymous
5 days ago

Yep. Join the Brickell Living facebook group. There’s a new post every day with that same entitled mentality.

Anonymous
5 days ago

lol…

Anonymous
5 days ago

Demanding, expecting, potato/potato

Anonymous
5 days ago

You mean tomato/tomato! Lol

They call me...
4 days ago

Imagine having the nerve to do a WSJ interview (with a photographer snapping a photo on your condo balcony), whining about rent prices when 99% of US housholds are paying 20% more for fuel and food.

Oh…poor dear….now your Biscayne Bay view is of a storage facility…

Where is the link to the GoFundMe page?

Anonymous
5 days ago

Whose side are you on??? Do you go to Dollar Tree and insult people for “demanding” to buy party balloons for $1?